The earnest money deposit is an important part of the home buying process. It tells the seller that you are a committed buyer and helps fund your down payment. Without earnest money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. Sellers rarely accept offers without earnest money deposits. Assuming that all goes well and your offer is accepted, the earnest money will go toward the down payment and closing costs.
The amount of the earnest money deposit depends on several factors, such as what the current real estate market demands, and what the seller requires. However, on average you can expect to pay a total of 5-10 percent of the total purchase price as earnest money.
Once you decide to purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate buyers for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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