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Q: real estate ( No Answer,   2 Comments )
Question  
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?
Answer  
There is no answer at this time.

Comments  
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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