emd: Questions about Earnest Money
- 06/23/14 07:39 AM
I recently received this question by email: Is a E M D asked for when the other party doesn ‘t believe the buyer is serious? Also if I refuse to put down a earnest money deposit do I risk ending negotiations for the property? A buyer should always ask his or her own agent questions like this. If you don’t trust your agent to give you the right answer you probably have the wrong agent. When you question your agent’s judgement you can always ask for an explanation from the agent’s broker. That said, what follows is not a specific … (4 comments)
emd: Earnest Money or "what is EMD"?
- 02/21/09 10:33 PM
I recently had a client ask me what "EMD" was. EMD is an acronym for Earnest Money Deposit. Earnest money is money paid by the buyer to a neutral fund to show that the buyer is serious. This money is paid at the time that an offer is made to purchase a property. The buyer pays this money into an "escrow account" to indicate that this the offer is serious and real. The earnest money is deposited into an escrow account. An escrow account is a neutral bank account. Depending on the terms negotiated the earnest money can be held by … (1 comments)
Neighborhood notes, local features and tips for buyers, sellers, renters and landlords in Northern Virginia especially Alexandria, Arlington, Fairfax and Falls Church. Including fast and free property search tools.
I recently received this question by email: Is a E M D asked for when the other party doesn ‘t believe the buyer is serious? Also if I refuse to put down a earnest money deposit do I risk ending negotiations for the property?
;)
;)
;)
