Everything you need to know about Fort Hood, TX real estate. The Texas Association of Realtors and TREC update promulgated forms regularly. For the most recent updates, check with TAR, TREC, or contact me at brian starpointerealty.

I am a real estate professional, not a lawyer. Nothing herein should be construed as legal advice or instructions. We previously discussed the Sales Price and Financing terms of the sales contract.

This week will be short little section 5 — Earnest Money! When you purchase a home, the seller will almost always want to see some earnest money. That money is held by the escrow agent until either closing, when the buyer will get it credited back, or the contract terminates, in which case, depending on why it terminated, the escrow agent will return the money to the buyer, or award it to the seller.

When the seller takes their home off the market during the contract period, which can easily last two months, they are taking a huge risk that the buyer does not ultimately close. All that time off the market is more buyers lost out on and more mortgage payments being made.

In buyer friendly markets, earnest money amounts tend to be lower.

In seller markets, sellers can get away with demanding more earnest money. Earnest money is delivered to the escrow agent AFTER the contract is executed both buyers and sellers have signed , and BEFORE two calendar days are up. It is extremely important that the earnest money is delivered in time or the buyer has already violated the contract.

Because of the time sensitive nature of getting the earnest money deposited as soon as the contract is executed, a best practice is to have the check ready once the offer is signed , so that the agent can drop it off at the title company as soon as the sellers have accepted.

Some foreclosures require a scanned picture of the earnest money check before inputting an offer. If the buyer chooses to terminate the contract in accordance with their for example, during the option period when they have an unrestricted right to terminate the contract , then they will also have to submit a Release of Earnest Money with the Contract Termination.

How much earnest money is required when buying a house? | Spring Texas Real Estate | Homes For Sale Spring TX | Spring Texas Realtors

The Release of Earnest Money must be signed by both parties, buyer and seller, and delivered to the title company at which point they will release the money back to the buyer. If the seller fails to respond to the notice within 10 days, the earnest money will be released to the buyer. If they do respond and choose to contest the earnest money release, then things will start to get a little gnarly.

The additional earnest money deposit might be used if the buyer does not have the entire funds on hand to deliver to the listing agent. A specific number of days after the execution of the contract can be specified. Next is Paragraph 6: Title Policy and Survey.

Home Buying: Do you have to put earnest money down? Is there a required amount for Texas? - Trulia Voices

Questions about specific circumstances? Funny or cautionary real estate stories about when someone goofed up on one of these paragraphs? Please share in the comments below! Buying , Contracts , Selling Tagged: Austin , buyers , Earnest Money , fort hood area , sellers , texas , Title Company. Brian E Adams, Realtor, GRI StarPointe Realty E Stan Schlueter Lp. Use this nifty search tool to help you narrow down which Fort Hood area builders you should be exploring! By giving any bonuses back to you, the client, we provide peace of mind that we are looking after you and not ourselves.

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