When you start the process of buying a home or any type of real estate, you?ll no doubt hear the term ?earnest money deposit? (EMD). So what exactly is an EMD?
An EMD becomes relevant when you are ready to make an offer on a property. In most states, your Real Estate Agent prepares the offer on your behalf. The offer usually takes the form of a written contract that is submitted to the seller by way of their agent.
In addition to the offer document, sellers typically expect an EMD. An EMD is a monetary deposit submitted via check to demonstrate to the seller that you are a serious buyer. In some regions of the country, only a photocopy of the check is submitted with the offer, and the original check is delivered to the appropriate entity if the offer is accepted. Ask your Real Estate Agent to clarify how deposits are handled in your region of the country.
The check is usually made out to an independent third- party such as a Title Company, Escrow Company, Real Estate Attorney or your Real Estate Broker. Ask your Real Estate Agent to clarify who will hold the EMD.
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John Walraven,
www.theozarkshomesource.com Let me help you make one of the most important decisions of your life! Buying or selling a home can be stressful or fun which ever you decide it to be. I am here to help guide you through the process of both. I can be of great assistance to you with my hard working attitude and some really great tools. With a Bachelors Degree in Business Administration I?m a business man and know that time is money. As a newer agent in the industry, I'm not one of those agents who just wait for the phone to ring, I?m motivated and determined to succeed. I have joined up with one of the most successful, fastest growing and exciting companies in the Real Estate Today, Keller Williams Realty, in order to give you the best service that you deserve. This also gives me many great tools, contacts, and the ability to aggressively pursue YOUR needs and wants. In short, I'm not like the rest! Let me show you the difference between a typical Real Estate Agent, and a Keller Williams Realtor that is aggressive for your interests. Give me a Call, Text, Or Email: Office: 417-883-4900 Cell: 417-761-0142 E-mail: johnwalraven@theozarksrealtysource.com Web: www.theozarksrealtysource.com This entry was posted in Uncategorized. Bookmark the permalink.
Source: http://johnwalraven.com/2011/09/17/protect-your-deposit-when-buying-real-estate/
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