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Real Estate $
Eileen M. Day REALTOR
EARNEST MONEY PROTECTION?
When you make an offer to purchase a home, standard practice is to accompany the offer with 'earnest money.* The fate of your earnest money is governed by the language of your offer.
If the bid Is not accepted, your check should be returned Immediately. The situation can get a little sticky if the transaction falls through - like you change your mind or you can't get financing.
The language of your bid should contain two protections. The offer should be made contingent on the acquisition of mortgage financing and the seller should agree to accept the earnest money as 'liquidated damages' if you default. If you can't obtain a mortgage, you still get your earnest money back as long as you have responded honestly to appropriate questions about financing. The 'liquidation of damages* clause will limit any compensation for the seller to the amount of the earnest money If you back out of the transaction or otherwise default.
If there is anything we can do to help you In the field of real estate please atop in at EILEEN M. DAY, Realtor, the Clopton House. Washington, Va. 22747. Phone 675-3033. We're here to help.
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