North Carolina Deposit Agreement
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How to fill out Deposit Agreement?
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FAQ
If you cancel the contract during the due diligence period, you will get a refund of your earnest money deposit, although you would lose any fee you paid for the right to terminate during the due diligence period, and any fees paid to third party vendors for items such as inspections.
For a weekly agreement, the maximum you can charge as a security deposit is 2 weeks' worth of the rental payment. For a monthly lease, you must not charge any amount exceeding one and a half month's worth of rent. For fixed-term leases, the maximum you can charge is the equivalent of two month's worth of rent.
Form*, who holds the earnest money? hold the money - typically, the listing firm. Whenever a licensed real estate firm or agent holds any earnest money, it must be deposited in a trust or escrow account until closing.
The earnest money typically goes towards the buyer's down payment or closing costs. It is refunded to the buyer only upon certain contingencies specified in the contract. If the buyer cancels the contract outside of the contingencies, it is released to the seller.
The Due Diligence Fee is Not Earnest Money. Due diligence money is non-refundable, whereas earnest money is refundable if the buyer decides not to buy the home within the due diligence period. Earnest money is usually a much larger amount than the due diligence fee.
The Amount: As a general rule, earnest money is typically between 1 percent and 5 percent of the total residential real estate purchase price. Though, it can sometimes be lower or higher. The Deadline for a Refund: Most often, earnest money is refundable during the due diligence period.
Typically, you pay earnest money to an escrow account or trust under a third-party like a legal firm, real estate broker or title company. Acceptable payment methods include personal check, certified check and wire transfer. The funds remain in the trust or escrow account until closing.
The Amount: As a general rule, earnest money is typically between 1 percent and 5 percent of the total residential real estate purchase price. Though, it can sometimes be lower or higher.