Common Questions about Earnest Money Sumter South Carolina
Common Questions about Earnest Money - The following should answer common questions aboutearnest money when buying a home in Sumter South Carolina.
What is earnest money? Earnest money is the money a buyer puts down to show the seller good faith that the buyer is serious about purchasing the home.
What happens to the earnest money? It is credited to the buyer at closing.
What if I don't close, can I get it back? Yes, if a termination and release is done by the end of the due diligence period. In Georgia, both buyer and seller need to sign off to release the funds back to the buyer.
What happens to the earnest money if I back out of the contract and my due diligence period has expired? That money is released to the seller for the breach of contract by the buyer.
Who holds earnest money? That is a negotiated item. It typically is held by either the Listing Broker or Selling Broker in a trust account. The holder of the earnest money and the amount are stipulated in the contract. Occasionally it is held by the closing attorney
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