EastTXRealtor

What Is Earnest Money Deposit in Texas? Earnest Money Deposit in Real Estate. As an East Texas Realtor®, I am occasionally asked by my clients a multitude of different real estate questions. Three of my favorite questions to answer regarding earnest money is, “what is earnest money deposit”, "what is earnest money deposit in real estate", or "how does earnest money work"? While visiting my Sister and Brother-in-law in South Texas during the Thanksgiving holiday, we decided to shoot this “what is earnest money deposit” video from one of the deer stands out on the private 5000 acre ranch. Each deer stand on the ranch in numbered and has a nickname. The nickname of this particular stand is “The Pink Panther”. It’s one of my favorite stands on the whole ranch. Now back to the question, ‘what is earnest money deposit’ in a real estate transaction? When someone puts Earnest Money down during a real estate transaction, they are acting in “good-faith” that they are very serious about buying the home or property. Typically the earnest money deposit is 1-5% of the purchase price. The money that is then put into an escrow account with the seller’s broker, title or an escrow company. Making an Earnest Money deposit, shows to the seller you mean business, and are not just “tire kicking” when it comes to buying their house or property. By placing earnest money down, this gives the seller peace of mind to move forward into the next steps of the transaction. It proves you’re sincere—or earnest—about this purchase. If you or anyone that you may know are in need of a hard working East TX Realtor®, contact me from my details below. :) Charlene Hall GRI Realtor® 📧 Email: charlene@palestinetxrealty.com 📱903-724-2338 cell Office: Palestine Realty Web: https://www.palestinerealtytx.com