Tag: earnest money

Demystifying Your Real Estate Contract

Buying a home will likely be the biggest investment you ever make. So it makes sense to take the time to understand the fine print in the long and confusing real estate contract. A good agent will help guide you through the process, but save yourself time, money and anxiety by knowing these key terms… Read more »

What Happens When a Buyer Cancels a Sales Contract?

It’s awkward when you’ve signed a contract to buy a house and then discover that you can’t go through with it. Let’s look at the proper steps to cancel so it doesn’t become expensive, too. Canceling during negotiations. If you have extended an offer to a seller by signing a contract, but the seller has… Read more »

Two Big Money Moments for Homebuyers

Homebuyers must make two large payments when purchasing a house. One is the earnest money paid upon execution of the sales contract. The second is the down payment to the lender at closing. What are the differences between the two? It’s all about commitment. In both cases, these payments represent a commitment to the purchase…. Read more »