Earnest Money Agreement Washington State

Earnest Money quarrels are rare, but they can happen. As a home buyer, it is important to understand how these deposits work. Work closely with your real estate agent to ensure that you include the contingencies needed in your offer to purchase in order to protect your serious money deposit. Your agent should be very familiar with this process. Earnest money deposits are regulated in Washington, State by RCW 64.04.220. If the purchase and sale transaction does not pass, it would be to the party who feels that it is entitled to a serious money paid to make a written claim for all or part of the serious money that the owner owns (usually Escrow Company). The holder must then be within a fortnight of receiving the written request: Earnest money. Sellers are compensated for their time and effort if a purchase and sale contract does not work by losing the buyer`s serious funds. The Northwest Multiple Listing Service Form 21, also known as the residential real estate purchase and sale contract, stipulates in point b) that the buyer must provide the serious money within two days of mutual acceptance of the contract to the selling broker who deposits each cheque with the selling company; or (ii) to provide, within three days of receiving or reciprocal acceptance of the contract, depending on subsequent admission, serious money that the agent must hold. If the buyer does not close, the seller can keep as serious money an amount of up to five per cent of the purchase price. RCW 64.04.005 (1). The conclusion.

When it comes to the amount of serious money, meet local standards. If you make a smaller deposit than average, the seller could do something you don`t want to be serious with buying their home. Summary: If you plan to take out a mortgage and buy a home in Washington State, you must deposit a deposit. This article will outline some of the most common questions that buyers have about serious money deposits in the state. No no. In each sales contract, the seller is required to give the buyer a marketable title in exchange for the full execution of the sales contract. What happens if the seller has taken possession of the buyer`s money and the seller cannot or will not provide a marketable security? It`s for many reasons.