STEP 1 – YOU’RE READY TO MAKE AN OFFER – WHAT YOU NEED TO KNOW

v Under the Finance Terms of the Purchase Agreement, you will be asked to deposit funds to the Escrow Company within 3 days after the seller(s) acceptance. These funds are called the “Initial Deposit” and are also known as the “Earnest Money Deposit” and/or “Good Faith Deposit.” The Initial Deposit is made, in part, to show the seller you’re serious about buying. The money is applied to your down payment or other closing costs. A fair amount for the “Initial Deposit” is $1,000.00 for every $100,000.

v The length of a Real Estate transaction is determined by the terms of the Purchase Agreement and can range from a few days to several months. The average length of an escrow is typically 30 to 45 days.

v Upon Seller(s)acceptance of an offer, the Buyer has 3 days to provide proof of funds verifying buyer’s down payment.