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Topic: Earnest money

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	Earnest Money
		Earnest money is a financial pledge from the buyer that he/she will make a diligent effort to fulfill the terms of the Contract to Purchase presented to the seller.
		The earnest money is returned to the buyer as long as the failure to close was due to contingencies included in the Contract to Purchase not being met or removed due to no fault of the buyer.
		By law, the earnest money given to the REALTOR® with the Contract to Purchase must be kept on deposit in a broker's non-interest bearing trust account until closing or until both parties agree in writing as to is disbursement.
	www.cabr.org /earnest.htm (734 words)

	White paper on Earnest Money (Site not responding. Last check: 2007-10-19)
		It would not be unlawful to distribute the earnest money pursuant to an oral authorization but this would not be a good business practice and may provide problems down the road if the broker is placed in a position of having to prove that he received appropriate authorization.
		He may then choose to leave the earnest money in his trust account and advise the buyer and seller that they must bring a court action and obtain a court determination as to who is the proper recipient of the earnest money deposit.
		The broker would be authorized to distribute the earnest money in accordance with any compromise reached by the buyer and the seller, but he should be certain to receive a written authorization which describes the specific terms of the compromise.
	www.ohiorealtors.com /legal/white_papers/wp_earnest_money.html (3152 words)

	What is earnest money?
		The earnest money is an amount of money that the buyer puts up to show he or she is serious about purchasing the property.
		Earnest money is important to the transaction because it shows the seller that the buyer is operating in good faith (hence the name, "earnest").
		The earnest money should also be refunded to the buyer if the sale does not go through because of a problem on the seller's side.
	www.randydurham.com /earnest_money.htm (624 words)

	JewishEncyclopedia.com - EARNEST-MONEY:
		All objects, whether movable or immovable, could be acquired by the payment of money, and part payment was sufficient to make a sale valid.
		In cases of hiring and letting, the payment of an earnest was sufficient (Ḥoshen Mishpaṭ, 198, 5, Isserles' gloss; 198, 6; 199).
		In cases where the earnest did not validate the sale, he who retracted had to submit to the conditions of the other party as to the manner in which the earnest-money should be refunded (ib.
	www.jewishencyclopedia.com /view.jsp?artid=2&letter=E (390 words)

	Earnest Money
		Simple -- the earnest money deposit demonstrates to the seller that the buyer is quite serious about his or her offer.
		By law, between the time the earnest money is given to the REALTOR® with the offer-to-purchase contract and the closing of the transaction, it is to be kept on deposit in a broker's non-interest bearing trust account.
		In the vast majority of cases, though, earnest money is collected, the process continues smoothly and the deposit is returned as indicated in the contract.
	www.dabr.com /forbuyers/earnest.htm (754 words)

	No. 02-2650
		HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (buyer's agent if Property is not listed or Seller's account if no broker is involved), until applied to purchase price or otherwise disbursed as provided in the Offer.
		Basso asked Martin what Re/Max planned to do about the return of the earnest money; Martin informed Basso that, in essence, Re/Max did not intend to pursue the Smoliks for the money but whatever Basso "got out of it, it was all [his]," that Martin was not looking for a commission.
		Thus, under the plain terms of the contract, because the earnest money was never distributed to Basso, Re/Max is not entitled to its commission.
	www.wisbar.org /res/capp/2003/02-2650.htm (2040 words)

	Earnest Money
		The more money you put down, the more earnest you are displaying to the seller that you indeed want to buy his/her home.
		Earnest money will go into a trust account held by a third party (usually my office’s trust account).
		I can explain earnest money in further detail to you when we are together, but this is the basic purpose or intent of what earnest money was designed to do.
	www.bartcloninger.com /earnest_money.htm (408 words)

	No. 00-0199
		It asserted an interpleader claim because of competing claims on the earnest money, seeking to pay the $2,000 to the court and be relieved of further liability.
		Thus, if the seller requests the earnest money as liquidated damages and the buyer disputes the agreement was breached, the broker may not disburse the earnest money except under one of the four specified conditions.
		The effect is to discourage the disbursement of earnest money to the seller as a speedy and inexpensive means to settle disputes.
	www.wisbar.org /res/capp/z2000/00-0199.htm (3266 words)

	The Clarke Agency, Inc - Real Estate in Gunnison, Colorado - What Is Earnest Money?
		Earnest money must be placed in the listing broker's trust account no later than one business day after acceptance of the contract by both the purchaser and seller.
		Earnest money comes back into the picture in a real estate transaction at closing.
		The offer of earnest money is based on the pretense that if the buyer changes his or her mind and backs out of the agreement, the seller gets to keep it in compensation for having taken the property off the market for a period of time.
	www.clarkeagency.net /earnest$.html (379 words)

	Earnest Money Deposit - Everything Real Estate
		Earnest money is basically an act of good faith that forces both parties to take the negotiations for a home seriously.
		In terms of earnest money, this was not a massive sum, but it was enough to convey interest.
		The lesson to be learned from this is that when an earnest money deposit is required, it should be as large as possible, so that the seller knows you are serious and, it forces you to be responsible for making any kind of commitment.
	www.everythingre.com /Earnest_Money_Deposit (1036 words)

	Search Results (Site not responding. Last check: 2007-10-19)
		Don't offer an earnest money deposit with your offer to purchase real estate until you know exactly how it will be handled once it leaves your hands.
		Earnest Money - A payment given to the seller by a potential buyer indicating the buyer's intent to complete...
		Earnest Money Deposit in an Offer to Purchase Real Estate After you have come up with an offer price, the next step is to determine how large a deposit you want to make with...
	www.speedeclaim.com /16747-earnestmoney.htm (369 words)

	Middletown Board of Realtors \| Earnest Money (Site not responding. Last check: 2007-10-19)
		In the context of a real estate transaction, several courts have defined earnest money as a comparatively small sum of money paid down as an assurance that the party making the offer is acting in earnest and good faith and that...
		For example, the Division of Real Estate suggests that a broker not return the earnest money deposit to the Buyer without the Seller's approval even in those situations in which there is a financing contingency, and the lending institution has denied financing because the Buyer did not qualify.
		If the amount of the earnest money deposit exceeds $10,000, then in most counties it will be necessary to file the case in the Common Pleas Court.
	www.middbr.com /earnestmoney.htm (1633 words)

	earnest money and Stock Trading at TradeStars + Stock Trading (Site not responding. Last check: 2007-10-19)
		The fact that since 2000, ALL the major banks have been wildly off in their North American earnest money Securities Administrators Association, Inc. issued a report that describes the major problems and abuses in the earnest money industry and summarizes the legal actions brought to date.
		At this Power for an earnest money Account with an Outstanding Day Trade Margin Call If an account has an outstanding day trade margin call, money call, the call must be met by a deposit of funds within 5 business days.
		Until the earnest money day trade call is met purchase) of the same security on the same day in a single earnest money account.
	www.tradestars.com /content/earnest-money.asp (204 words)

	Earnest money – A MORTGAGE SOURCE (A.M.S.I.,Inc.) - Homepage (Site not responding. Last check: 2007-10-19)
		Typically when an offer to purchase a house is made, you, as the buyer, will also pay an “earnest money” deposit.
		The amount of earnest money deposit varies based on the type of property being purchased and local market conditions.
		At closing, the earnest money is applied to the purchase price.
	www.amortgagesource.com /What'sEarnestMoney (217 words)

	Earnest money – Bridges Realty Solutions, LLC - Homepage (Site not responding. Last check: 2007-10-19)
		Once a contract is ratified the earnest money deposit is immediately deposited into a trust or escrow account until closing.
		At closing, the earnest money is applied to the purchaser's closing cost.
		If the buyer does not meet the terms of the contract, you, as the buyer, may forfeit your earnest money deposit to the seller.
	www.bridgesrealtysolutions.com /What'sEarnestMoney (218 words)

	The Importance of Being Earnest Money (Site not responding. Last check: 2007-10-19)
		The rest of the deposit, or earnest money, is due when the contract is signed by both parties.
		Earnest money typically goes into an escrow account held by the seller's broker, but this is largely a matter of local custom or can be negotiated.
		If the sale goes through, the earnest money plus interest is often used as part of the cash down payment required by the lender.
	www.thinkglink.com /article.asp?Title=The_Importance_of_Being_Earnest.htm&ID=1146 (720 words)

	Earnest Money Deposit
		If you agree to pay earnest money but do not make the required payment or your earnest money check “bounces,” you will probably be considered in breach of the contract.
		Many will require you to make an earnest money deposit or similar deposit, but they may differ from the standard form in how it is to be handled.
		In any event, while a broker is not allowed to pursue a claim for earnest money for you, the broker may appear as a witness in court and make documents available.
	www.bluewatergmac.com /EarnestMoney (1503 words)

	Earnest money contract (Site not responding. Last check: 2007-10-19)
		Earnest money is a deposit given to the seller of a property, his agent or to the third-party escrow agent by the buyer.
		The earnest money will help offset loss of time in finding a buyer if the sale falls through.
		For example, a condition of refundability could be that if the seller changes his mind, the money is refunded, whereas if the buyer changes his mind, it is not.
	www.allsands.com /Money/earnestmoneyco_rgc_gn.htm (463 words)

	DCBA Brief, Professional Responsibility Frank Talk About Earnest Money
		The earnest money is usually held by the Broker in an escrow account under the Broker’s control.
		The court stated that the existence of the option reflects that the parties did not have the mutual intention to stipulate to fixed amount as their liquidated damages in the event of a breach and indicates an intent to penalize the defaulting Buyer.
		Further, in addition to other risks, the Seller’s earnest money is at risk due to the particular language of the agreement and how it deals with the remedies available on default of the Buyer.
	www.dcba.org /brief/profresp/0698.htm (1700 words)

	Easy mortgage shopping with Ginca Mortgage (Site not responding. Last check: 2007-10-19)
		Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment.
		A right-of-way granted to a person or company authorizing access to or over the owner's land.
		Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing." Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments.
	mortgage.ginca.com /encyclopedia/e.html (332 words)

	What is the purpose for earnest money?
		In other words, the seller uses earnest money to determine just how sincere the buyer is about going through with the real estate deal.
		I have also negotiated sales (apartment complexes) where half the earnest money was paid at the beginning of the contract; the other half was paid 30 days down the road.
		The important point is that the amount of earnest money is a negotiable issue.
	www.hispanianews.com /archive/2002/06/05/04.htm (1220 words)

	Earnest Money Deposit in an Offer to Purchase Real Estate (Site not responding. Last check: 2007-10-19)
		You want the "earnest money deposit" to be large enough to show the seller you are serious, but not so large you are placing significant funds at risk.
		You might have to provide a copy of a canceled check along with a bank statement showing you had the money to begin with.
		Normally, this is not a problem, but if you have a short escrow period or are barely coming up with your down payment, it could pose an inconvenience.
	www.realestateabc.com /homebuying/earnest.htm (350 words)

	Earnest Money (Site not responding. Last check: 2007-10-19)
		The amount of earnest money you deposit is subtracted directly from the sales price of the property on your offer.
		The amount of earnest money deposited in good faith to purchase a home is really up to the buyer.
		Should you have more questions about your earnest money, please contact Michelle or her staff and they will be happy to address your questions and concerns.
	www.askmichelleshelton.com /earnest%20money.htm (300 words)

	earnest money deposit - a short tutorial (Site not responding. Last check: 2007-10-19)
		This check is generally referred to as the "earnest money deposit." The basic reason for the deposit is to impress the seller that the buyer "earnestly" intends to purchase the property.
		You see, once a buyer and seller agree to terms, the earnest money deposit is usually placed in a "trust" account.
		Almost all deals close and the earnest money funds are applied to the buyer's down payment and closing costs.
	www.realestateabc.com /insights/deposit.htm (552 words)

	Homes for sale in Dallas, Texas. M Street tudor cottages, craftsman bungalows, and other homes for sale. (Site not responding. Last check: 2007-10-19)
		The title company holds the Buyer's earnest money from the time the contract is signed until it is closed.
		The amount of the earnest money is a matter that is settled by negtotiation between buyer and seller.
		If the Buyer defaults on the contract of sale, he is expected to authorize the release of the earnest money to the Seller, in order to compensate the Seller for his time and trouble in waiting for the close of the sale.
	www.m-street-dallas.com /topics/buysell_earnestmoney1.html (391 words)

	Earnest Money Deposit (Site not responding. Last check: 2007-10-19)
		So you will not be placed in an uncomfortable position when you purchase a property, an understanding of the earnest money deposit is of the utmost importance.
		If the offer is not accepted, this amount is returned to you (there may be a slight delay, since your check must clear the escrow account before a refund check can be written back to you).
		Also, in the event that you do not qualify with a lender for a new loan, the earnest money is refunded to you provided the sellers are given notice regarding the lender’s disapproval.
	www.cheyenneinfo.com /Buyers/EarnestMoneyDeposit.htm (176 words)

	Earnest Money Question (Site not responding. Last check: 2007-10-19)
		I think a really low earnest money deposit is an indicator that the potential buyer is not as serious as one would like, or perhaps as financially capable as one would like.
		By putting that much into earnest money, the seller was much more flexible with us when we ran into delays on getting our financing lined up.
		Even though we could have bailed out at that point and gotten all of the earnest money back, he knew we were serious and gave us another 10 days to secure financing.
	ths.gardenweb.com /forums/load/realestate/msg0722470832255.html (799 words)

	Discussion Search for earnest escrow money (Site not responding. Last check: 2007-10-19)
		disburse earnest money according to the terms of this agreement.
		For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
		… contracts and earnest money are developed to keep things like that from happening.
	discussion.lycos.com /results.asp?query=earnest+escrow+money&first=1&adf=&dfi=www.charlestonrealestateguide.com (187 words)

	Legal Dictionary, AA - Accident Attorneys, Accidents & Personal Injury, Motorcycle Accident Lawyers, Big-Rig Accidents, ...
		An amount of money may be awarded to the successful party (and may be recoverable from the losing party) as reimbursement for court costs.
		Escrow- Money or a written instrument such as a deed that, by agreement between two parties, is held by a neutral third party (held in escrow) until all conditions of the agreement are met.
		Garnishment - A legal proceeding in which a debtor's money, in the possession of another (called the garnishee) is applied to the debts of the debtor, such as when an employer garnishes a debtor's wages.
	www.aa-accidentattorneys.com /legal_dictionary.html (13605 words)

	What's Earnest Money? - ROI Group - Keller Williams Mesa AZ (Site not responding. Last check: 2007-10-19)
		Typically when an offer to purchase a property is made, you, as the buyer, will also pay an “earnest money” deposit.
		In the Metro Phoenix market, you can expect to pay approximately 1% of the purchase price in earnest money at the time we open escrow.
		Remember, your earnest money is 100% fully refundable for the first 10 calendar days after your contract is accepted and signed by all parties (your inspection period).
	roirealestate.admin.betaagentxsites.com /What'sEarnestMoney (319 words)

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