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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 is arguably the world's strangest (and most dysfunctional) kitchen?
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| A |
In 1998 the Kemper Museum of Contemporary Art in Kansas City first displayed a kitchen made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California. |
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The Turleys
Keller Williams Premiere Properties
45 S. Park Blvd, Suite 300
Glen Ellyn, IL 60137
630-790-3100
Fax: 888-545-8338
turleys@theturleys.com
The Turleys are your NUMBER1EXPERTS serving Glen Ellyn, Wheaton and all of Dupage County. The Turleys are not only recognized as one of the top Realtors locally, but also ranked among the top 1% of all Realtors nationally. The Turleys success can be attributed to their 47 years combined real estate experience, extensive market knowledge, use of cutting edge technology, and outstanding customer service!    
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