Earnest Money Deposit:
Once the offer is accepted & the RPA (Residential Purchase Agreement) is fully executed by all parties, the first part in holding up your end of the purchase agreement is to deliver your deposit to escrow within the agreed upon timeline. This is 72 hours in most cases. Hand delivery or wire is preferable. If the deposit is not delivered on time, you will be receiving a notice to perform on that action. Failure to do so in the notice period and the contract will be cancelled by the seller.
We at 1850 Realty are happy to share information about the home buying process. Transactions can vary individually, and we are here to help you with your real estate needs. To discuss in more detail, don’t hesitate to contact us:
Next article in this series: Contingency Period