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fsIRea/ Estate
sks.ssr Eileen M. Day realtor
DEPOSIT
PROTECTION
When a real estate buyer and seller agree on the sale of land, it is common practice for the buyer to make a deposit to be applied to the purchase price. Normally this deposit — sometimes called “earnest money” is placed in the real estate agent’s escrow account until closing.
The deposit serves many purposes. In addition to protecting the buyer by demonstrating that he is serious about purchasing the land, and therefore inducing the seller not to offer the real estate for sale to anyone else, it also protects the seller in case the buyer does not live up to his end of the sale contract. Should the purchaser fail to buy the land as agreed, he will usually forfeit the deposit money. In this way, the seller is compensated for the likelihood of a missed sale because he took his real estate off the market.
The deposit of the earnest money in the real estate professional’s escrow account also protects the buyer. If the seller cannot or does not convey the land — or there appears a title defect which cannot be reasonably cured — the deposit money will be refunded from escrow.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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