Earnest Money Deposits – How Much and When?

  When buying real estate in Charlotte NC, one of the common questions buyers have is about earnest money deposits. How much should an earnest money deposit be and when is it paid?

  The amount of earnest money deposits for real estate in Charlotte NC are always, always, always negotiable between buyer and seller.  The amount of earnest money is always a negotiation point that both buyer and seller must agree on.   

  For a $100,000 purchase price the earnest money deposit buyer/seller agree on probably won’t be the same as for a $1 million purchase price but regardless, the amount is a term that buyer and seller must agree on and be comfortable with.

  As for when an earnest money deposit is paid, a copy of the earnest money check should accompany the offer to purchase Charlotte NC real estate. Once there’s a valid contract agreed upon and signed by all parties, the earnest money is deposited in a trust account to be held until closing.  So buyers should be ready to write the earnest money check at the time they sign an offer and it (or a new check for the agreed upon amount) will be deposited in a trust account once there’s a written contract.

Related Articles: How To Estimate Real Estate Taxes for Real Estate In Charlotte NC

What Do You Value in A Charlotte NC Home?

Choosing A Charlotte NC Neighborhood

What To Do Before Buying Real Estate In Charlotte NC

Copyright©2009 by Diane McDermott, All Rights Reserved, “Earnest Money Deposits – How Much and When?”

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About dianemcdermott

Diane is deeply passionate about serving single and divorced women home buyers, first time home buyers and new to the area buyers navigate the Charlotte area home buying process. Having navigated separation and divorce she has deep respect for the stress of transition and need for a home living situation that supports and nurtures. She connects and guides clients as they navigate the home buying process, transitioning to a space they'll love calling home. McDermott Real Estate
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