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Protect Your Deposit When Buying Real Estate

When you start the process of buying aReal Estate Agent and balance the need
home or any type of real estate, you'llto demonstrate your serious intent,
no doubt hear the term "earnest moneyagainst the good business practice of
deposit" (EMD). So what exactly is anminimizing the deposit amount.
EMD?The amount of the EMD is usually applied
An EMD becomes relevant when you areto reduce the purchase price of the
ready to make an offer on a property. Inproperty or to cover closing costs, as
most states, your Real Estate Agentyou dictate. For example, if you are
prepares the offer on your behalf. Thepurchasing a $300,000 property and you
offer usually takes the form of agive an EMD of $3000, then the remaining
written contract that is submitted tobalance owned at closing is $297,000
the seller by way of their agent.(plus closing costs). Alternatively, you
In addition to the offer document,may direct that the EMD be applied
sellers typically expect an EMD. An EMDtoward the closing costs.
is a monetary deposit submitted viaOnce a valid contract for purchase is
check to demonstrate to the seller thatcreated, an independent third-party
you are a serious buyer. In some regionsusually holds the EMD until the purchase
of the country, only a photocopy of theis either completed or cancelled. At
check is submitted with the offer, andthis point, the money belongs jointly to
the original check is delivered to theboth the seller and the buyer.
appropriate entity if the offer isIn cases where you make an offer that is
accepted. Ask your Real Estate Agent toaccepted but later decide to cancel the
clarify how deposits are handled in youroffer, the terms specified in the
region of the country.contract (or state law) will dictate if,
The check is usually made out to anand under what circumstances, the EMD is
independent third- party such as a Titlereturned to you. Be aware that you could
Company, Escrow Company, Real Estateloose your deposit if you do not not
Attorney or your Real Estate Broker. Askcomply with the terms of your contract.
your Real Estate Agent to clarify whoYour Real Estate Agent can provide you
will hold the EMD.information about how EMDs are dealt
The amount of the EMD sellers expectwith if a contract is cancelled.
varies by region. The EMD amount isSince state law varies by region and
based on the customs and practices for apractices can differ even within the
region, but is generally from 1% to 2%same state, be sure to consult your Real
of the purchase price. In a competitiveEstate agent about the rules that apply
market place where demand exceeds theto EMDs in your region of the country.
supply of homes, some buyers may offer aYou should also be aware that the EMD is
higher EMD than expected to impress thenot related to any down payment that you
seller of their intent. In determiningmake toward your home loan.
the amount of your EMD, consult your



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