of all, my name is Kendall West and I the newest realtors at Central Realty. I
am a hard worker, who works from home with first time buyers. My blogs are centered
on issues or questions, I have found that comes up when discussing the
processes of purchasing a house. This blog is going to be about earnest money.
money – Is simply a deposit made by you the buyer to the seller. This transaction shows the seller that you
are serious about buying his property.
This transaction is called a good faith transaction. This real estate
transaction allows the buyer additional time to seek financing on the
property. This transaction is also
called “a good faith” transaction.
question most buyers have is “What happens to my money?” Earnest money is typically held jointly by the
seller and buyer in a trust or escrow account. -
earnest this is almost right in Ohio, the first part is correct but the last
part is wrong. In Ohio, the earnest money is held by either broker or either
title company. It’s normally negotiated between the buyer and seller. When it
is finally agreed by both parties, then the money goes into a non-baring
interest account which is required by Ohio law.
deposit, it can be made by cashier’s check or personal check however some
organizations will not accept personal checks. The deposit’s can range from
$250 up to $10,000 or more depending on the price of the property that is being
get your monies returned in Ohio, you get your money back if you buyer: (1)
Complete the transaction. If it is a cash deal you can have it either applied
to the cost of the property or receives a check it closing. If it is a mortgage
transaction you will receive a check at closing. (2). If the transaction falls
apart in the state of Ohio, the buyer has to fill out a form to receive their
money back. Now, here lies the problem, both parties have to agree to give the
money back. If one party does not want the money returned the broker cannot
give the money back unless both parties agree.
The two ways to get your money returned is a court order or one party
has to wait two years by Ohio law to get their money back.
you think that you’re going to do a deal without putting down earnest money down
your wasting your time. The first questions I ask all my clients is, “How much
do you have saved to put down on house?”
Normally, I have my clients put down at least $500 and this normally makes
the seller happy. If you have any question please email at
firstname.lastname@example.org and I would happy to answer them for you.