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.
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less