An escrow is the deposit of a written instrument or something of value with a third person with instructions to deliver it to another when a stated condition is performed or a specified event occurs. The use of an escrow is most common in real estate sales transactions where the grantee deposits earnest money with the escrow agent to be delivered to the grantor upon consummation of the purchase and sale of the real estate and performance of other specified conditions.
Virginia Escrow Agreement for Sale of Real Property and Deposit of Earnest Money
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FAQ
When Is Earnest Money Due? Earnest money is usually due within three days of a signed and accepted offer. The earnest money check can be wired to an escrow account, or delivered to the seller's agent. It's important to get that money to the seller as soon as your offer has been accepted.
If Purchaser fails to pay the Deposit as set forth herein, then Seller may terminate this Contract by written notice to Purchaser and neither party shall have any further obligation hereunder. The Deposit may be held in an interest bearing escrow account.
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.
Because the inspection found important issues not originally disclosed, your contract should allow you to cancel and still get an earnest money refund. Getting your money back can also happen when an appraisal comes in lower than the sales price.
Q: When does an EMD have to be deposited? Within five days the deposit must occur within five business banking days following ratification unless otherwise agreed to in writing by the parties.
Earnest money is always returned to the buyer if the seller terminates the deal. While the buyer and seller can negotiate the earnest money deposit, it often ranges between 1% and 2% of the home's purchase price, depending on the market.
What is earnest money? It's a deposit of good faith on a home loan from buyer to seller. An earnest money deposit will set your offer apart from other applicants, and it's generally an accepted part of the VA loan process.
In most cases, the deposit is held by the Title Company handling the transaction. They act as an unbiased administrator of the deposit and are also the ones handling the funds at closing. In some cases, one of the brokerages representing the Buyer or Seller may also hold the EMD, but this is much less common today.