Earnest Deposit, what is it? who gets it?

Managing Real Estate Broker with Flexit Realty "Flexible Home Selling Solutions"

Most times people are asked to place a deposit along with the offer to purchase.  Also known as the purchase agreement.The earnest deposit

This deposit is know as the earnest deposit.  In Michigan we place earnest deposits into escrow accounts which are governed by state law.

I have an article on my website that explains the process of the earnest deposit and goes into more detail.

The more you know about the real estate process the better the decision you can make when you decide to purchase or sell.

The series of articles on my website can help you sort through many of the technical areas of real estate.  Should you still have questions you will know what questions to ask when seeking professional advice.

Click on the link below for this article.

http://www.flexitrealtymichigan.com/What'sEarnestMoneyFlexit Realty logo

Gary L White Flexit Realty, Grand Rapids Michigan

If you live in the Grand Rapids or the West Michigan area, are not under contract and would like to sell or buy a home....give me a call.  It could save you thousands!  FlexIt Realty designs selling and buying programs to meet our clients' needs.  Your call is always confidential and you are never pressured.

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Comments (4)

Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Gary the more home buyers are educated about the home buying process,the more they feel confident and relaxed in your abilities as a real estate professional. Great post.

Jun 23, 2009 05:25 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Lanre, I try to offer a few tips on issues that seem so simple to us but may be a question to buyers.  Thanks for the comments Lanre.

Jun 23, 2009 09:44 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Gary, This is a good post. Many sellers think they will get to use the deposit before the sale.

Jun 23, 2009 11:54 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker


Well said.  Often times the buyer think the check will be held and not cashed until closing.

Jun 24, 2009 12:46 AM