Property-Seekers - Quality International Real Estate Property Listings, For Rent, For Sale By Owner or Realtor online



SEARCH FOR A PROPERTY TO BUY \| SEARCH FOR A PROPERTY TO RENT \| SELL OR RENT YOUR PROPERTY HOME \| INFORMATION - RESOURCES - FAQ \| ARTICLES \| BUYER'S ALERTS \| SELLER'S LOG IN


Real Estate Glossary Definitions A-G Definitions H-N Definitions O-Z Other Definitions				THE 'EARNEST MONEY' DEPOSIT Most offers to buy a house are accompanied by a check. This check is generally referred to as the "earnest money deposit." The basic reason for the deposit is to impress the seller that the buyer "earnestly" intends to purchase the property. The amount of the deposit varies from purchase to purchase, depending on a variety of factors. If a property generates a lot of interest, a buyer may make a larger deposit to convince the seller that their offer is stronger than the others. During "hot" markets, deposits are generally larger than during slow markets. In normal times, buyers should hesitate before making a deposit that is larger than two percent of the purchase price. Underwriting guidelines sometimes require strict documentation of such deposits. A buyer may often be required to show a bank statement just prior to the date of the check, plus evidence that the check actually cleared the bank. If you're closing quickly, this might require a trip to the teller window at your bank. There are reasons to try and keep the deposit as small as possible, but not so small that the seller doesn't take it seriously. You see, once a buyer and seller agree to terms, the earnest money deposit is usually placed in a "trust" account. At that point it is no longer the buyer's money -- it belongs jointly to the buyer and seller. Almost all deals close and the earnest money funds are applied to the buyer's down payment and closing costs. As the saying goes, however -- there are exceptions to the rule. Some sellers think that if the deal falls through, the earnest money deposit is automatically forfeit. Some buyers think that if the deal doesn't close, they automatically get the money back. Neither one is true. Even when the failure to close is the buyer's fault, the seller doesn't have a "right" to the deposit as a way to "punish" the buyer. Nor does the buyer automatically get the entire deposit back, even when they are not at fault. First, there are normally a small amount of cancellation fees that must be paid. These fees are collected from the deposit. Second, since the deposit is held in trust, both the buyer and seller must agree on the disposition of the funds. This is a quirk of law in most states and the real estate agents and their companies have no control over the situation. If something goes wrong very early in the deal, the seller normally understands and the deposit is usually returned to the buyer without a fuss. When things go awry later in the transaction, both parties usually exercise common sense and negotiate a fair solution. In a few rare occurrences, the buyer and seller find it difficult to agree. The point is that is always makes sense to reach an agreement. Failure to agree ties the money up for awhile, could possibly lead to further legal action and inconvenience, and it just becomes a frustrating mess for both sides -- more so than you realize at the time. Serious problems are the exception, not the rule. Most "challenges" are routine to a qualified professional real estate agent. The situation may be new to you, but the agent may have dealt with it many times in the past.

Our Platinum Selection

Five of today's top-rated properties...

Commercial Property, Amherst, Canada		Canada
The estate is 5 minutes from town (Amherst) and has a main residence, office building, a barn and a greenhouse. It is 45 minutes from the Moncton airport (YQM) and 15 minutes from the beach. The estate’s office building is heated by solar energy. The estate is perfect for a business opportunity. The... Bedrooms: 5 - Location: Near Beach		CAD889,900.00 (USD859,557.62)

Detached House, Aylesford, Nova Scotia, Canada		Canada
... Bedrooms: 2 - Location: Mountains		CAD144,900.00 (USD139,959.43)

Detached House, Berwick, Nova Scotia, Canada		Canada
Pride of ownership is evident throughout this 4 bedroom, 2 bath, split entry home in welcoming Berwick. The oil furnace, chimney & oil flue were installed in 2004. The 10 x 28 deck spans almost the entire back of the house with patio doors leading into the dining room. Perfect for summer BBQs, watch... Bedrooms: 4 - Location: Inland		CAD134,500.00 (USD129,914.03)

Single Family Home, Parkers Cove, Nova Scotia, Canada		Canada
Located in the peaceful fishing village of Parkers Cove, this 3 bed 1 bath home is a stone throw away from the coast line and with its ocean view would make an ideal cottage, summer or year around home. A double garage and 16x16 outbuilding combined with large utility room and porch, this property p... Bedrooms: 3 - Location: Near Beach		CAD54,000.00 (USD52,158.79)

Duplex, Morden, Nova Scotia, Canada		Canada
This over/under duplex is a great investment property or home with in-law suite. The Two - 2 bedroom units have an excellent rental history with no lack of interested tenants. Upper unit pays $450 and lower $375. Tenants pay their own utilities. Many upgrades have been completed over the past two ye... Bedrooms: 4 - Location: Coastal		CAD99,000.00 (USD95,624.46)


	You can easily link to Property-Seekers by copying and pasting the following HTML into your web site... <a href="http://www.property-seekers.com">http://www.property-seekers.com</a> - the best Real Estate Web Site on the Net

© 2006 - Catexa LLC. Use of this site constitutes acceptance of our
Privacy Statement and Terms & Conditions.

Property-Seekers is a Catexa LLC web site and is based at:

NORTH AMERICAN OFFICE
7300 32nd Av NE #23
Olympia
WA 98516
USA

e-trust-e Member Seal. Before you buy, click to verify!

DISCLAIMER:
Catexa LLC, for themselves, for the operators of Property-Seekers and for the vendors or lessors of those properties that are listed on Property-Seekers, give notice that the property particulars do not constitute any part of an offer or a contract. All statements contained in the particulars to properties listed at Property-Seekers are made without responsibility on the part of Catexa LLC, Property-Seekers or the vendors or lessors. None of the statements contained in these particulars as to these properties are to be relied on as statements or representations of fact and any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. The vendor or lessors do not make or give and neither Catexa LLC nor any person in their employment, has any authority to make or give any representation of warranty whatever in relation to these properties.

RELATED WEBSITES

THE 'EARNEST MONEY' DEPOSIT