Step 9 – Your Earnest Money Deposit – What is it?

Step 9 – Your Earnest Money Deposit – What is it?

Step 9 to Buying Your Home – Your Earnest Money Deposit – What is it_After your contract is accepted, and you’re moving forward in the process, you’ll need to submit an Earnest Money Deposit to the title company within 3 business days. This will act as a “deposit” on your intent to execute the contract and will be applied to your down payment.

We will provide an email documentation of the required value of your earnest money deposit, as well as who it should be made out to and where it should be dropped off. In the “for” or “memo” line of your check put “EMD (property address)” and put it in a sealed envelope labeled “EMD (Property Address)” and your name. This will ensure the check is deposited into the correct account within the title company.

Go to the company during business hours and ask the receptionist for an earnest money deposit receipt, which you will need to email to us for your file. Please also text us to let us know that you’ve dropped it off, and to confirm we’ve received the email. We will let the seller’s agent know that the EMD has been deposited with the settlement agency.

If for any reason, you are unable to make it during regular business hours there is most often a locked and secure drop box near the front door. You can leave your EMD here, and call during business hours to request a receipt be emailed to you.

Remember that this will be included in your down payment, and needs to be deposited within the allotted days in contract to avoid breaching that contract.

For any questions or if you need further clarification, please call us at 703.539.2053 or email us at Abraham@AskAWalker.com.

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