Comments on: Buying a House - Earnest Money Question http://columbusbestblog.com/real-estate/buying-a-house-earnest-money-question/ A blog about the best of Columbus & Central Ohio by Maureen McCabe of Real Living HER Fri, 08 Aug 2008 21:18:52 +0000 http://wordpress.org/?v=2.5.1 By: Maureen McCabe http://columbusbestblog.com/real-estate/buying-a-house-earnest-money-question/#comment-11388 Maureen McCabe Mon, 19 Nov 2007 18:24:18 +0000 http://columbusbestblog.com/real-estate/buying-a-house-earnest-money-question/#comment-11388 Karen thanks for the comment. I am hesitant to answer this sort of question in my own market for somone who is represented by a real estate agent (maybe I am assuming that, maybe she working directly with the listing agent.) No matter what I would think you'd direct the question to someone involved in the transaction. Or direcxt a legal question to a real estate attorney. I don't want to be caught giving legal advice to anyone, other than "contact an attorney." In our market typically the earnest money is held in the earnest money account of the agent working with the buyer, not the listing company. That as true in the Dayton area where I first sold too. I know when I first heard that I wondered why it was not held by the listing brokerage. Occasionlly on a bank property it says in the mls that the earnest money is to be held by the listing brokerage. The real estate purchase contract we use in Central Ohio has extensive language about what happens with the earnest money if the transaction closes, if the transaction does not close, if there is a dispute between the buyer and seller over who gets the earnest money if the transaction does NOT close. Long ago I remember people assuming their check was just going to be held in a folder and given back to them at closing.... Again thanks for the comment. Karen thanks for the comment. I am hesitant to answer this sort of question in my own market for somone who is represented by a real estate agent (maybe I am assuming that, maybe she working directly with the listing agent.) No matter what I would think you’d direct the question to someone involved in the transaction.

Or direcxt a legal question to a real estate attorney. I don’t want to be caught giving legal advice to anyone, other than “contact an attorney.”

In our market typically the earnest money is held in the earnest money account of the agent working with the buyer, not the listing company. That as true in the Dayton area where I first sold too. I know when I first heard that I wondered why it was not held by the listing brokerage. Occasionlly on a bank property it says in the mls that the earnest money is to be held by the listing brokerage.

The real estate purchase contract we use in Central Ohio has extensive language about what happens with the earnest money if the transaction closes, if the transaction does not close, if there is a dispute between the buyer and seller over who gets the earnest money if the transaction does NOT close.

Long ago I remember people assuming their check was just going to be held in a folder and given back to them at closing….

Again thanks for the comment.

]]> By: Karen Hurst http://columbusbestblog.com/real-estate/buying-a-house-earnest-money-question/#comment-11384 Karen Hurst Mon, 19 Nov 2007 17:24:26 +0000 http://columbusbestblog.com/real-estate/buying-a-house-earnest-money-question/#comment-11384 Normally, in Rhode Island, the earnest money is cashed by the Brokerage that has the listing. This money is put into an escrow account and held by that Brokerage until such time that the transaction is finalized/and/or null and void. Most such deposits are refundable if they are on an Offer to purchase and through no fault of your own, (meaning the seller rejects your offer), the transaction does not materialize. You should definitely ask your agent this question. Broker Associate, Storm Realty Normally, in Rhode Island, the earnest money is cashed by the Brokerage that has the listing. This money is put into an escrow account and held by that Brokerage until such time that the transaction is finalized/and/or null and void. Most such deposits are refundable if they are on an Offer to purchase and through no fault of your own, (meaning the seller rejects your offer), the transaction does not materialize. You should definitely ask your agent this question. Broker Associate, Storm Realty

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