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How to Combine Earnest Money Promissory Note

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In this video, Annie Fitzsimmons, a legal hotline lawyer for Washington Realtors, addresses experienced members of the profession about the outdated practice of using promissory notes for earnest money. She advises against this practice, explaining that many agents resort to it because buyers often need more time—such as three to five days—to deliver earnest money after mutual acceptance. Reasons include the need to access funds from their accounts or wait for inspection contingencies to be resolved. Fitzsimmons emphasizes the need to move away from using promissory notes and advocates for more efficient methods of handling earnest money deposits.

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What is a good faith note?

What is a Good Faith Estimate (GFE)? A Good Faith Estimate, also called a GFE, is a form that a lender must give you when you apply for a reverse mortgage. The GFE lists basic information about the terms of the mortgage loan offer. The GFE includes the estimated costs for the mortgage loan.

What is a good faith money letter?

A good faith (or earnest money) deposit is payment made by the buyer at the time of signing the letter of intent (LOI). The buyer puts forth a portion, often 5-10% of the purchase price, to be placed in an escrow account. If diligence proceeds smoothly, the funds will be used toward the down payment at closing.

What is earnest money in the form of?

The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.

Who gets earnest money when buyers back out?

If the buyer backs out just due to a change of heart, the earnest money deposit will be transferred to the seller. Be sure to watch the expiration date on contingencies, as it can impact the return of funds.

Who keeps earnest money if financing falls through?

The financing contingency guarantees that youll get a refund for your earnest money if for some reason your mortgage doesnt go through and youre unable to purchase the house.

What is good faith cash?

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property youre looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.

What is generally considered earnest money?

Earnest money is essentially a deposit a buyer makes on a home they want to purchase. A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount. Earnest money deposits can be anywhere from 110% of the sales price, depending mostly on market interest.

How do I cash a promissory note?

The lender can then take the promissory note to a financial institution (usually a bank, albeit this could also be a private person, or another company), that will exchange the promissory note for cash; usually, the promissory note is cashed in for the amount established in the promissory note, less a small discount.

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Combine Earnest Money Promissory Note