Orlando, FL · Member since 2018 · 5 posts · 30 votes
1) I just sent in my first Purchase and Sale contract to the title company but have not paid the earnest money deposit yet. When do I pay the earnest money?
2) When can the seller get their earnest money deposit?
a) Can they pick it anytime from the title company or can the title company send the seller a check for the earnest money anytime.
b) Or does the seller have to wait to get the earnest money when they get their final check?
I assume you have an agent and he/she suppose to answer these questions for you. I'd think it may be state/region specific. Also all of it should be in your contract.
1) It should be stated in your contract. In PA usually it's within 5 days after the contract is executed by both parties.
2) In general the seller will get your deposit money at the settlement:
Lakeland, FL · Member since 2017 · 44 posts · 25 votes
8y
Hi Brittany, I know I,m late but here is my two cents but your realtor should advise you on these issues!!
1. Its 3 days in FL....its in the contract
2. The earnest money deposit is yours, You can get it back if you back out of the deal within your inspection period or if the deal falls through because of financing, but if your doing a conventional loan make sure you have an Appraisal Contingency so if the property don't appraise you wont be obligated to come up with the difference.
3.No, its your money and its becomes part of the funds you bring to the table when its time to close the deal.
4. When the deal closes, the seller receives the amount due to them by the Title Company.