A deposit is a “stakeholder”. I signifies Seller that you are serious in proceeding in purchasing their home. The deposit is not a “down payment”. It will however, go towards the purchase price balance upon closing. The deposit it held in a “trust” account which is regulated and is a separate account. Whether a deposit is returned depends on the situation and what caused the deal to collapse. The Share read on ..
Archive for the ‘Buying’ Category
As your Realtor, we write specific “conditions” in the contract to protect you. If you are unable to fulfill a condition or are unsatisfied with the results of a home inspection, your obligation to purchase the home will end.
A contract is a legally enforceable promise. Therefore you are obliged to carry out the terms of the contract if it is firm and binding. However most contracts have or should have “subject to” conditions the allow Buyers time to find out more about the home they are buying. The Share Team will ensure that you have all the necessary “conditions” in a contract to provide you with the necessary protection while read on ..