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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	Who is the world's largest landowner?
A	The United States government, with holdings of 728.8 million acres of land.
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Gail Middleton and Catherine Allebé, REALTOR®, real estate agents and broker for Maplewood, Millburn and Summit New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Gail Middleton and Catherine Allebé
Keller Williams
488 Springfield Ave
Summit NJ 07901
973-376-0033 ext 336
973-723-3445
Fax: 973-810-0206
Email: gailmiddleton@NUMBER1EXPERT.com
Gail is a life long resident of the Maplewood, Short Hills, Milburn and Summit area and is celebrating her 32nd year as a top local Realtor. Her extraordinary negotiating skills and knowledge of the current market and it’s trends have allowed her clients, whether buying or selling, to achieve their goals in a well-informed, stress-free manner. Gail believes in ongoing education in her profession, with particular interest in technology and environmental issues. Her marketing strategy is like no other and results in the highest price and quickest sale within the scope of Sellers’ needs. Gail is a member of the Coldwell Banker Realtors Elite President’s Council and has earned the prestigious CRB (Certified Real Estate Broker) and GRI (Graduate of Realtor Institute) designations; is a Relocation Specialist, certified Condo Specialist, as well as a Historic Properties and Luxury Homes Specialist. Middleton holds numerous high-performance awards resulting from her policy of treating each and every client with integrity, professionalism and, most importantly, caring. You will always be # 1 when working with her.

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NUMBER1EXPERTS™ in real estate for Maplewood, Short Hills, Millburn and Summit, New Jersey, condos, luxury homes

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