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purchase contract: Reading Non-Existent Clauses into the Purchase Contract - 12/19/11 12:29 PM
There was a rather interesting thread this past week on Trulia Voices, all revolving around the concept of the earnest deposit.
In theory, once a contract is accepted, the buyer (or their agent) opens escrow and deposits a check as the earnest deposit - essentially a good-faith deposit representing the buyers' intent to purchase the home.
Amazingly enough, though, the Arizona Association of REALTORS Residential Resale Purchase Contract is extremely vague as to when the earnest deposit needs to be deposited into escrow.
Some agents on the thread argued that there's a 48-hour rule, or that 48 hours is the accepted practice. I … (4 comments)

 
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Jonathan Dalton

Glendale, AZ

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Phoenix Arizona Real Estate Blog, presented by Jonathan Dalton of Thompson's Realty and All Phoenix Real estate.com. Check back often for market analysis and general thoughts on the state of real estate in Maricopa County. Free listings search!



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