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Video instructions and help with filling out and completing Trec release of earnest money

Instructions and Help about Trec release of earnest money

Hi everybody date the sparks broker of maximum one Greater Atlanta Realtors and this week's contract tip has to do with the due diligence period in our real estate contracts here in Georgia so this timeframe depending on which contract forms are using if you're using the car Georgia Association of Realtors contracts it is referred to as the due diligence period if you are using the re forms contract this timeframe is referred to as the buyers right determinate period regardless of which set of contracts you're using and what it's called conceptually and contractually it is the same concept in the same thing per the buyer and the seller with respect to the contract so what is it that timeframe is the period within which the buyer has to decide are they going to proceed with the contract or are they going to terminate in essence it creates an option contract for the buyer for that timeframe if the buyer chooses to terminate prior to 11:59 p.m. at night the number of days that the buyer and the seller negotiated in filling out that contract then the buyer terminates they don't even need a reason the buyer can terminate for any reason and on the form the termination form all you fill in is termination within due diligence period you don't need to put an explanation at all and within that timeframe the buyer will get their earnest money back because they are terminating within that agreed-upon contingency so again it is an option contract for the buyer simply the option is are they going to proceed or are they not going to proceed so what happens so during this due diligence period or buyers right to terminate period the buyer needs to do whatever is required to make the buyer completely satisfied that they are going to proceed with the contract or terminate their choice but they that is the timeframe within which to make themselves satisfied and do what they need to do to determine how they are going to proceed so the buyer does have reasonable access to the property within this time frame for whatever inspections or the buyer wants to have done for example the buyer may have an independent home inspector come in during that time frame the buyer may have a roof inspector the buyer may have a foundation inspector the buyer may have a termite inspector come the buyer may simply bring family or friends or loved ones to come and look at the property the buyer can just whatever the buyer needs to do is the timeframe within which the buyer can do that and the buyer does have reasonable access to inspect the property whether that means just viewing the property or having inspections done the buyer is not required to have inspections done but within this time frame is what the buyer can do now if the buyer is going to have the property inspected by.

FAQ

When can sellers keep earnest money Texas?
It should be delivered within three days after the contract's effective date, unless the third day falls on a weekend or legal holiday, in which case it is due the next business day. Earnest money deposits can be sent via wire transfer, personal check, or certified check.
How do I get my earnest money back in Texas?
When the transaction is complete, the Earnest Money is credited toward the buyer's down payment. In most situations, if the seller terminates the transaction the Earnest Money is returned to the buyer. However, if it is the buyer who terminates the transaction, the Earnest Money is generally awarded to the seller.
Who gets earnest money if deal falls through?
Your earnest money will stay in the escrow account until the home purchase transaction is complete or terminated. While it is typically up to the buyer to pick the escrow agent, the seller must agree.
What happens to earnest money at closing Texas?
After closing on a house in Texas, the earnest money is generally credited toward the purchase of the home. That means it will go toward closing costs and/or your down payment. If the deal falls through for any reason, who gets the earnest money will depend on the provisions of the contract.
Is earnest money refundable in Texas?
Without proper payment, the buyer does not have the unrestricted right to cancel. If Buyer gives notice of termination within the time prescribed, the Option Fee will not be refunded; however, any earnest money will be refunded to Buyer.
Can sellers keep earnest money Texas?
If a buyer backs out of a contract without a valid reason, the seller can keep the earnest money. This is compensation for the time and effort they've wasted and the need to relist their home.
How long does a seller have to return earnest money Texas?
If the seller fails to respond to the notice within 10 days, the earnest money will be released to the buyer.
What is the purpose of TAR's release of earnest money form?
A release of earnest money form is a waiver signed by both the buyer and seller before an earnest money deposit towards a property may be released.
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