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How to Manage Earnest Money Promissory Note

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In this video, Annie Fitzsimmons, a lawyer for Washington Realtors, addresses experienced members regarding the outdated practice of using promissory notes for earnest money. She advises against this practice, stating that many believe a promissory note is necessary to allow buyers extra time to deliver earnest money after mutual acceptance. Some buyers may request additional days to access their funds or wait for inspection contingencies to be resolved. Fitzsimmons urges realtors to reconsider this approach and dispense with the use of promissory notes for earnest money transactions.

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At what condition earnest money can be deposited?

For most situations, when the sales contract or purchasing agreement is signed, the earnest money is issued. But it may also be added to the deal. After deposit, the funds are usually held until closing in an escrow account, at which stage the deposit is added to the down payment and closing costs of the buyer.

How is the earnest money deposit usually applied at closing?

Paying earnest money deposit The funds remain in the trust or escrow account until closing. Thats when they get applied to the buyers down payment or closing costs. Alternatively, you can receive your earnest money back after closing.

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.

Can you get earnest money back if you change your mind?

Yes! Earnest money is refundable, it just depends on the circumstances. If you tell the seller that you are backing out of the home buying process before certain deadlines, then there should be no issue refunding the earnest money to you. The same applies if you didnt break any contract rules.

When must a broker deposit earnest money?

In most cases, earnest money is delivered when the sales contract or purchase agreement is signed, but it can also be attached to the offer. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyers down payment and closing costs.

What is earnest money in contract?

Earnest Money Deposit or EMD is a type of deposit paid by home buyers to sellers. Buyers pay EMD to sellers of properties and other government and private projects. It is usually a amount paid to the seller, indicating your interest in buying property.

Who keeps earnest money if deal falls through?

Remember, if the contingencies in a sales contract are fulfilled and the buyer still doesnt close, the seller is entitled to keep the buyers earnest money.

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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Manage Earnest Money Promissory Note