West Virginia 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
Not Technically Required Technically speaking, if you're using a VA loan to purchase a home, you do not need to provide an earnest money deposit. That is, the VA does not require that buyers include earnest money in an offer.
No, VA loans do not necessarily require a down payment or an earnest money deposit. But, the seller might want this to consider you as a serious buyer. It's not uncommon for sellers to request an earnest money deposit as part of the VA loan process.
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
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.
For most situations, when the sales contract or purchasing agreement is signed, the earnest money is issued. But it may also be added to the deal. After deposit, the funds are usually held until closing in an escrow account, at which stage the deposit is added to the down payment and closing costs of the buyer.
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.
Typically, EMD's are around 1-3% of the home price so for example, if you are looking to buy a $500,000 home, your EMD would be $5,000 to $15,000. In Virginia, the EMD must be deposited into an escrow account within 5 business days of when the contract is ratified (accepted by both sides).
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
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.