Tip 97: About that money…
Ask your lawyer about asking for a down
payment from the buyer. Some contracts require it to protect the seller: This down payment will usually make the buyer live up to his commitment to buy the property within a reasonable amount of time.
This down payment is called “earnest money” by some people. It morally obliges the buyer to finalize a mortgage with his bank, to have the property inspected within a reasonable period and to be prepared to
prepared to settle by a certain date.
This down payment is not refunded back to the buyer should the sale not take place. Down payments may range from $1,000 to as much as 10% of the purchase price and is kept in escrow by your settlement agent.
payment from the buyer. Some contracts require it to protect the seller: This down payment will usually make the buyer live up to his commitment to buy the property within a reasonable amount of time.
This down payment is called “earnest money” by some people. It morally obliges the buyer to finalize a mortgage with his bank, to have the property inspected within a reasonable period and to be prepared to
prepared to settle by a certain date.
This down payment is not refunded back to the buyer should the sale not take place. Down payments may range from $1,000 to as much as 10% of the purchase price and is kept in escrow by your settlement agent.
posted by Nadim at 3:13 AM
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