A Networking Forum for

Greater Pittsburgh Area Real Estate Investors
It is currently Mon Jun 25, 2018 7:15 am

All times are UTC - 5 hours




Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: earnest money / deposit
PostPosted: Fri May 28, 2010 9:13 am 
Offline

Joined: Fri Mar 19, 2010 3:42 pm
Posts: 10
When buying a house and signing contract w/ sellers, should I give them my deposit check or just show them the check and let them know I'll be putting this in escrow w/ my settlement co? thanks for any thoughts


Top
 Profile  
 
 Post subject: Re: earnest money / deposit
PostPosted: Tue Jun 01, 2010 9:45 pm 
Offline

Joined: Fri Jan 29, 2010 7:17 pm
Posts: 4
Location: Pittsburgh/Oakland
I'm no lawyer, but our lawyer (who you probably know if you go to ACRE) recommended that we place any down-payments and other monies into escrow with your own closing company (as opposed to some person or company representing the seller) for your best protection in the case of something going wrong during the sale. If some unforeseen circumstances occur and you need to back out of the deal, if the money is in escrow with someone representing you and not the seller, your chances of getting the money back in a timely manner are better.


Top
 Profile  
 
 Post subject: Re: earnest money / deposit
PostPosted: Wed Jun 02, 2010 2:34 pm 
Offline

Joined: Thu Mar 04, 2010 8:42 am
Posts: 10
Location: Pittsburgh, PA
I agree with Bella Vita on hand money. Always make a notation in the agreement that the hand money is to be held by the escrow agent or your attorney in their trust/escrow account. You should provide the seller with a copy of the check for the escrow, and even attach it to the signed agreement.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 0 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group