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When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Glenna Nesbitt and Shelton Floyd, Realtors
Coldwell Banker J. Wesley Dowling & Associates
8805 Line Avenue Suite 100
Shreveport, Louisiana 71106 USA
Licensed in the State of Louisiana
Glenna Direct Line: 318-869-5833
Shelton Mobile: 318-422-1102
Main Office: 318-861-2461
perfectpartners@coldwellbanker.com

Glenna and Shelton are life long residents of Shreveport. Glenna and Shelton were awarded the International President’s Circle-Coldwell Banker, Diamond Society Team-Coldwell Banker, Circle of Excellence and Circle of Honor. They are Top Producers and Certified Luxury Home Specialists. Call or email today - The Number 1 Team for Coldwell Banker in Shreveport since 2002. Each office independently owned and operated.