Is the Buyer Short of Cash? Not Committed to Deal? [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Normally in Minnesota, the Buyer’s earnest money is due to the...Read More
Is the Buyer Short of Cash? Not Committed to Deal? [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Normally in Minnesota, the Buyer’s earnest money is due to the...Read More
Moot Issue . . . Unless the Deal Hiccups One of the biggest concerns residential home Buyers have is who holds their earnest money check. Due once there is an accepted Purchase Agreement, earnest money typically is equivalent to 2% – 5% of the purchase price, and plays a dual role: a) it signifies the...Read More
When the (Earnest Money) Check ISN’T in the Mail Normally, the Buyer’s earnest money check is due as soon as the Buyer and Seller have entered into a valid Purchase Agreement. However, I just handled a deal where the Buyer’s offer stipulated that the earnest money wasn’t due until after the Inspection Contingency had been...Read More
Real Estate Layaway It’s not just flat-panel TV’s and furniture that can be bought now, and paid for later. So can residential real estate. Sort of. Unbeknownst to at least some Buyers, it’s customary for there to be a 6-8 week lag between consummating a deal, and closing (that is, paying for the house and...Read More
New Real Estate Form: “Earnest Money Receipt” “No one uses it.” “No one’s going to use it.” “It doesn’t work online.” The “it” in question is a new Realtor form, titled “Earnest Money Check,” that agents are being encouraged to use instead of faxing or emailing a copy of the Buyer’s actual check (the current practice)....Read More
