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Insert Phone Field in the Earnest Money Promissory Note

Insert Phone Field in the Earnest Money Promissory Note

Aug 6th, 2022

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How to Insert Phone Field in the Earnest Money Promissory Note

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- Hey everyone, Paul Vojchehoske here and welcome to The Real Estate Classroom YouTube channel. Just a place that if youre studying for your real estate exam, we help you pass that exam the first time. Okay, in todays real estate exam prep video, were gonna discuss a concept that you have to know called earnest money deposit. I actually received an email from a student that said, Hey, when are you gonna do a video on earnest money deposits? And quite frankly, I thought I already had but it turns out that I hadnt, so I put it to the top of the list. So this week, the topic is earnest money deposits. Okay, so what is an earnest money deposit? How does it interject itself into the entire real estate transaction, and what are the things that you have to know as not only a real estate professional, but more importantly as a student studying for the exam. So understand that earnest money or the earnest deposit is typically money, all right? And when I say money, it comes in the form of

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

How do you document earnest money?

Receipt of the deposit must be verified by either a copy of the borrowers canceled check or a written statement from the holder of the deposit.

What are the essential elements of promissory note?

Features of Promissory Note Printed/Written Agreement A promissory should be in writing, and an oral promise to pay money is not accepted. Pay Defined Amount It is a promise to pay the money on a particular time or when demanded. The mentioned amount can neither be added or subtracted.

Which is not correct about the promissory note?

A promissory note cannot be made payable to the bearer, no matter whether it is payable on demand or after a certain time.

What is earnest money in the form of a promissory note?

Earnest money deposits can take any form agreed to by the seller. In some cases, the buyer will offer an earnest money promissory note instead of making a direct payment. This gives the buyer some assurance that it will not lose the money deposited if the deal falls through.

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