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This earnest money proves that the t>uyer means business and also serves is a source of damages should they back out for no good reason. You can •xpect to see safeguards written into $ie contract; that their deposit will be Returned if you, the seller, renege for fo good reason, or if the buyer fails to ■eceive the mortgage committment, (or example. • { The deposit is not a legal requireifient for the contract, however, you siould probably not accept an offer Unless it is accompanied by one. As 1 » s^id, it indicates a sincere offer. The posit is kept in the broker’s escrow account. You will receive the funds at the time of settlement.
i If there is anything we can do to help you in the field of real estate pjease stop in at EILEEN M. DAY, Realtor. The Clopton House, Washington, Va. 22747. Phone: 675-3033. We’re here to help.
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