Maryland Escrow Agreement for Sale of Real Property with regard to Deposit of Earnest Money
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How to fill out Escrow Agreement For Sale Of Real Property With Regard To Deposit Of Earnest Money?
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FAQ
When property of any kind is placed in trust with a real estate broker, all property to be escrowed must be immediately deposited, upon receipt, by the real estate licensee.
The Maryland law that regulates real estate brokers, associate brokers, and salespersons requires that trust money be deposited in the broker's trust account promptly after both parties accept the contract of sale.
Once the earnest money is given to the seller, it will perfect the contract of sale. A payment will only be considered an earnest money if it constitutes as part of the purchase price. The money will be refunded if the sale did not push through.
Technically, according to the Maryland earnest money deposit law, earnest money in Maryland is not required. However, it's an initial deposit that is customarily submitted with an offer, and part of the contract, to purchase a house in Maryland.
The deposit gives buyers the time required to sort out their finances, evaluate the investment, and conduct inspections, before closing a deal. In the context of the Indian real estate market, an earnest deposit is commonly referred to as a 'token amount'.
A typical earnest money deposit is 1% to 3% of the purchase price. For new construction, the seller might ask for 10%. So, if you're looking to purchase a $250,000 home, you can expect to put down anywhere from $2,500 to $25,000 in earnest money.
Maryland: Earnest money deposit must be deposited within 7 business days.