This form is an Assignment of Money Due. The assignor agrees to grant to the assignee all title and interest in a certain debt or money due as described in the agreement. The form also provides that it is the responsibility of the assignor to collect the debt.
Earnest Money For Due Diligence In Nevada
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State:
Multi-State
Control #:
US-00422
Format:
Word;
Rich Text
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The Nevada Law and Reference Guide (Fourth Edition, 2014) says "Earnest money is not consideration - it is an inducement to negotiate. The fee is meant to incentivize the seller to complete the due diligence process and provide evidence that the buyer is serious about buying the property.In the state of Nevada, the guidelines for properly handling earnest money deposits are laid out for brokers in the Nevada Revised Statutes on real estate. An Earnest Money Deposit is necessary when buying or selling a home. The amount should be enough to assure the sellers that you are a serious buyer. Nevada's real estate laws have strict rules for licensees when it comes to handling monies involved in a real estate transaction. Most contracts include a due diligence deadline anywhere from seven days to two weeks after the agreement date. Once the due diligence period is over, the buyer cannot back out without a contingency. If they do, the earnest money deposit is forfeited.
