Can a title company hold earnest money?
Remember that the title company does not represent the buyer or seller, but rather acts as an escrow agent, holding the earnest money and documents in escrow until it is required to disburse the funds according to the terms of the contract.Click to see full answer. Also, hOW LONG CAN title company hold earnest money?…
Remember that the title company does not represent the buyer or seller, but rather acts as an escrow agent, holding the earnest money and documents in escrow until it is required to disburse the funds according to the terms of the contract.Click to see full answer. Also, hOW LONG CAN title company hold earnest money? 48 hours Also, who usually holds earnest money? Earnest money is usually paid by certified check, personal check, or a wire transfer into a trust or escrow account that is held by a real estate brokerage, legal firm, or title company. The funds are held in the account until closing, when they are applied toward the buyer’s down payment and closing costs. Subsequently, question is, can I get earnest money back? An earnest money deposit says you’re committed as a buyer. If you back out of the deal for reasons that have nothing to do with the home inspection or the appraisal, the seller can keep your money. On the other hand, if everything is moving along smoothly and the buyer decides to back out, you can get the deposit back.Does seller keep earnest money if buyer backs out?If the buyer backs out just due to a change of heart, the earnest money deposit will be transferred to the seller. You also need to watch the expiration date on contingencies, as it can impact the return of funds. A good contract with proper contingencies is essential in protecting your earnest money deposit.
