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jurisdiction. To determine if the property is located within a municipality’s extraterritorial jurisdiction or is likely to be located within a municipality’s extraterritorial jurisdiction, contact all municipalities located in the general proximity of the property for further information. IF FOR THE CURRENT AD VALOREM TAX YEAR THE TAXABLE VALUE OF THE LAND THAT IS THE SUBJECT OF THIS CONTRACT IS DETERMINED BY A SPECIAL APPRAISAL METHOD THAT ALLOWS FOR APPRAISAL OF THE LAND AT LESS THAN ITS.

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The deposit should be payable to a reputable third party, such as a well-known real estate brokerage, escrow company, title company, or legal firm (never give the deposit directly to the seller). Buyers should verify the funds will be held in an escrow account and always obtain a receipt.

Earnest money isn't always a requirement, but it could be a necessity if you're shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won't fall through. Earnest money can act as added insurance for both parties in the transaction.

When the transaction is complete, the Earnest Money is credited toward the buyer's down payment. In most situations, if the seller terminates the transaction the Earnest Money is returned to the buyer. However, if it is the buyer who terminates the transaction, the Earnest Money is generally awarded to the seller.

Paragraph 5.Earnest money is money out-of-pocket that the buyer deposits with a third party escrow agent, usually a title company here in Texas, that is forfeit if the buyer reneges (or, in legalese, defaults) on the contract.

But, if a buyer decides to cancel the contract for a reason not covered by a contract contingency, earnest money is generally forfeited to the seller.

Keep in mind that earnest money must be delivered to the title company in the form of funds that will be accepted. ... You'll need a wire transfer, cashier's check, certified check, money order, personal check, or cash. All checks must be cleared before the amount becomes 'good funds. '

What Is an Earnest Money Deposit? ... Although earnest money is not required to turn an offer into a contract, you'll find that most home sellers especially in a seller's market won't entertain an offer without a check. Your Houston Realtor® will walk you through the deposit process.

In most real estate transactions, accepted offers become completed sales and the buyer's earnest money becomes part of the purchase price. However, when real estate transactions fall apart, earnest money is refunded to the buyer more often than not.

Once your offer is accepted, the earnest money check is usually deposited into an escrow account, where it is held until closing. ... So before you write that check, make sure you have the funds available to cover it, as it will be cashed within a few days of your offer being accepted.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232