Now that your offer has been accepted by the seller and we have an executed contract, it’s time to drop off your earnest money deposit. Earnest money checks usually need to be dropped off within 5 calendar days of contract execution. So, what is earnest money? Earnest money is similar to a security deposit that you pay when moving into a rental. It is money held in escrow, usually at the listing brokerage, to show good faith that you as the buyer are moving forward in the contract. IF, for any reason, you would terminate the contract for a non-contractual reason, the seller would be entitle to keep your earnest money as compensation for time and costs incurred.
We will email you exactly how much your earnest money check should be made out for, who it should be made out to and where it should be dropped off. In the “For “line of your check, put the property address. Put the check in an envelope, but don’t seal it. On the outside of the envelope write “Earnest Money-Property Address” and your name. Generally the check is dropped off at the office of the seller’s Realtor. Try to go during normal business hours to drop it off as you’ll need to get a receipt. When you get there, ask the receptionist to give you an earnest money receipt which you then need to email to me and your lender. Once you’ve been given a receipt, go ahead and seal the envelope with the check in it and give it to the receptionist. In addition, please text me (717.963.0016) after you’ve dropped off the check so we can let the seller’s Realtor know it’s been dropped off.
If you go after normal business hours or if the office is very small, there may not be a receptionist. Instead the door may be locked. If this is the case, look near the front door for a drop box where earnest money checks can be safely left.
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off within 5 calendar days after contract execution.
If you have questions, call or text me at 717.963.0016.
