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Subject:
real estate
Category: Business and Money Asked by: badride47-ga List Price: $5.00 |
Posted:
15 Jul 2005 16:50 PDT
Expires: 14 Aug 2005 16:50 PDT Question ID: 544003 |
Is a title company handling the escrow on a property you are intending to purchase allowed to "cash" the "earnest money deposit" check you gave them to open the escrow? If so, what are their requirements if any? Do they have to give me, for example, written proof that they have opened a trust account for this escrow, or any written proof for that matter? |
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There is no answer at this time. |
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Subject:
Re: real estate
From: ruid01-ga on 16 Jul 2005 01:27 PDT |
the answer may vary from state to state, specify so when the researcher gets around to you there is not wasted time...meanwhile check these sites: http://www.ehow.com/how_4973_make-earnest-money.html http://www.dora.state.co.us/real-estate/auditing/emd.htm http://ezinearticles.com/?Understanding-the-Escrow-(Closing)-Process&id=49026 |
Subject:
Re: real estate
From: bkdaniels-ga on 18 Jul 2005 22:27 PDT |
Hey badride47-ga, how are you doing? The "Addendum" should read "Seller agrees to turn over all escrow and utility company deposits to purchaser". Earnest money - deposits of money given by a party to bind the contract - are usually credited toward the sales price. A contract, by definition, is nothing more than a meeting of the minds, an agreement between two or more people to do or not to do a particular thing. All of the details that are too numerous to spell out in the contract and all the essential and nonessential contingencies will be placed in the "Addendum." REFERENCES Carleton H. Sheets: BASIC CONTRACT LAW No Down Payment; chap. 18 MAKING THE OFFER; p. 18-3-4. Carleton H. Sheets: EXAMPLES OF CREATIVE OFFER CONTRACTS No Down Payment; chap. 18 MAKING THE OFFER; p. 18-14-16 Best wishes, |
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