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24. Save This Form Return to Forms NEXT The green text is used for explanations for certain form sections and does not print. RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Clear Form Print JULY 2010 EDITION Page 1 of 7 THIS IS A LEGALLY BINDING CONTRACT READ THE ENTIRE DOCUMENT INCLUDING ANY ATTACHMENTS. IF YOU HAVE ANY QUESTIONS CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT BEFORE SIGNING. ID Listing Agent SELLING AGENCY Selling Agent Hereinafter called BUYER agrees to purchase and the undersigned S ...

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who gets earnest money when buyers back out?

Earnest money protects the seller if the buyer backs out. It's typically around 1 \u2013 3% of the sale price and is held in an escrow account until the deal is complete.

Is earnest money required?

Earnest money isn't always a requirement, but it could be a necessity if you're shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won't fall through. Earnest money can act as added insurance for both parties in the transaction.

Is earnest money refundable in Idaho?

Do I get my earnest money back if the seller defaults? Yes, unless the seller disputes your claim to the money. Earnest money is the buyer's money. Because there is no exchange of property, the escrow account holder issues a refund.

Why is there a need for an earnest money?

An earnest money or "arras" is usually given by the prospective buyer to the seller. This is to show that the buyer is interested in purchasing the property. The main purpose of the earnest money is to bind the bargain. It is also considered as part of the purchase price and will be deducted from the total price.

Is earnest money required in Idaho?

You do not necessarily need to put forth earnest money for an offer, there is no law in Idaho preventing a buyer from making an offer without earnest money included.

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