The Ins and Outs of Earnest Money. What is Earnest Money? How much is Earnest Money? When is the Earnest Money provided?
What is Earnest Money? The money the buyer gives to the title company to show the seller that he is serious about purchasing the Spring Texas home.
How much is Earnest Money? Just like real estate is local so is the amount of the earnest money. In the Spring Texas area, earnest money is typically 1% of the sales price. The amount of the earnest money is a contractual term that is negotiated between the buyer and the seller. In a multiple offers situation, the seller may require the buyer to agree to earnest money that is more than 1% of the sales price.
When is the Earnest Money provided? Contractually the earnest money is required to be delivered and receipted by the title company within three days of the executed date of the contract. The title company will hold the earnest money in an escrow account and it will be applied to the buyers closing costs, prepaids, and down payment on closing day.
Jill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge... read moreJill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge and truly could not have chosen a better realtor to work with. Jill is professional and patient, she is an incredible resource who is 100% there for her clients at all times. We had a lot of questions and didn't want to pay any closing costs or prepaid costs out of pocket - Jill is a Master Certified Negotiation Expert and it SHOWS. We got exactly what we wanted at the price we wanted AND had several bonuses thrown in, including appliances and gutters. She was there for inspections/walk-throughs and kept in contact with our builder's salesperson as well. If you want a strong realtor who is also pleasant to work with (which I've learned is rare), then Jill is the realtor for you!! read less