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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	What city boasts eight of the world's ten biggest hotels?
A	Las Vegas has eight of the largest resort hotels; the latest and most extravagant is the $2.7 billion, 2,716-room Wynn Las Vegas.
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The Lustnauer Team, REALTORŽ, real estate agents and broker for Upper Arlington, Dublin, and Columbus Ohio home listings, property and land for sale - NUMBER1EXPERT(tm)

The Lustnauer Team
RE/MAX Premier Choice
1600 Fishinger Road
Columbus, OH. 43221
Direct: 614-410-1816
Toll Free: 800-536-4424
Fax: 614-474-8108
Cell: 614-209-2337
Email: Milt@MiltSellsHomes.com
Milt carefully listens to his client's desires and applies his 28 years of real estate experience, using the "Latest in Technology", until his clients goals are met. Milt continually researches the latest marketing tools and has advanced designations including, Certified Residential Specialist (CRS), Certified Relocation Professional (CRP), Accredited Buyer Representative (ABR), , National Association of Realtors(e-Pro), and Graduate Realtor Institution (GRI). Milt is a member of the prestigious Columbus Board Of Realtors $25 Million Dollar Club; he has a marketing team of four professionals and continues to be one of the top real estate agents in Columbus, Ohio. Milt's prominent goal for his clients is to walk away with a smile on their faces and security in their real estate choices. Call America's NUMBER1EXPERT Milt Lustnauer For The Professional Service You Deserve!

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