Page 22 - Real Estate Buyer Book Carolann Clynes

Earnest Money Deposit
Your earnest money will be held in a neutral trust account by either the Realtor® or the attorney for the sell or buy side of the transaction.
This money represents your sincerity in the purchase and is fully refundable if any of your contingencies in the contract are not met by

the deadlines outlined. You should anticipate giving a deposit of at least 1% of the purchase price to show good faith (unless it is a short
sale or foreclosure). This earnest money will be credited to you at closing as part of your purchase price.

The Seamless Transaction
Here are some of the steps we take during the “under contract” process:

• We confirm that your earnest money has been deposited.

• We deliver condominium declarations and by-laws to you by deadline.

• We coordinate with your lender regarding the loan approval process and obtain a loan approval letter from your lender.

• We ensure appraisals and necessary surveys have been ordered in a timely manner and consult with the appraiser if necessary.

• We deliver signed Seller’s Property disclosures to you for acceptance. We also provide Lead-Based Paint disclosures and other

necessary documents as required.
• We schedule the property inspection and negotiate any inspection items that are requested. We obtain estimates for repairs,

if necessary. We also coordinate radon, pest or mold inspections and mitigation when necessary. We coordinate escrow
agreements for any items that are not completed by closing.

• We negotiate any personal items that may be included and prepare an inventory to be attached to the Bill of Sale at closing.

• We can review your settlement documents prior to closing and will coordinate actual closing arrangements, utility transfers, key
transfers, etc.

• We coordinate final inspections, property, carpet and window cleaning.

• We assist you in coordinating your move.

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