Start studying National brokerage. learn vocabulary, terms, and more with flashcards, games, and other study tools.. If broker Tim advertises a property for sale that he doesn’t intend to sell so that he can attract potential buyers, Tim is practicing.. buyer jim put down a deposit in the.
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The earnest money deposit is a way for the buyer to say, "I am sincere about purchasing this home, and I’m not trying to waste your time." Without the earnest money being paid, a would-be home buyer could essentially take multiple homes off the market, by making multiple offers.
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– Earnest money: money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is. San Francisco shack asking $2.5 million comes with a demolition permit – Listing agent Anne Laury of Coldwell Banker says this is a boon for a buyer because the building doesn.
Earnest money is put down when a buyer makes an offer on a house. However, if the home contract falls through, the buyer will likely want that money back. Whether it returns to the buyer depends on the reason the contract is being broken. If the buyer simply changes his mind, the seller gets it.
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Situations where a buyer who cancels the deal must forfeit the money put down to buy the home — or not. By Ann O’Connell , Attorney In nearly every real estate purchase contract, the seller will require that the buyer deposit earnest money – a sum of money that the buyer puts into trust during the transaction to demonstrate good faith.
The seller views earnest money as a means to avoid the buyer's breach of contract.. loans that require no down payment may offer relatively little earnest money.. and an earnest money deposit from a prospective buyer, the law requires the.