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

Instructions and Help about Trec earnest money

Welcome to another episode of real-estate talk I'm gon tee a realtor with Better Homes and Gardens Gary green specializing in the spring Texas real estate market so today's question is when can you terminate your contract and still get your earnest money back well in our contract there's actually three offer main opportunities where you can still terminate the contract and get your earnest money back now the one is during that the option period during the option period is when you have the unrestricted right to terminate the contract you do not need a reason to read the contract it's an unrestricted right to terminate the contract you turn rate during this during this time period and each earnest money back another one is is if the property does not meet the lenders underwriting requirements now the main thing that we see there as far as a property not meeting the lenders underwriters requirements is associated with the appraisal so if the appraisal does not meet the green upon sales price or higher FHA VA and if you use the addendum for conventional you would have the right to terminate the contract and get your earnest money back the third way is is is that if you're unable to secure the loan within a defined time frame and you inform the seller that you're unable to secure financing now if that goes past that time frame that's defining the contract and then you can form the seller then no you risk your earnest money so three main time frames that you can terminate a contract and still protect your earnest money is one during the option period to during the time frame that you're securing financing and three if the property that does not meet the lenders underwriting requirements so there you have it another episode of real estate talk if you get any questions please text me or call me at 281 804 eight six two six I would love to connect with you on Instagram YouTube Facebook I'm all under discover spring Texas so until next time thanks for tuning in.

FAQ

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.
How soon is earnest money due?
When Is Earnest Money Due? Earnest money is usually due within three days of a signed and accepted offer. The earnest money check can be wired to an escrow account, or delivered to the seller's agent. It's important to get that money to the seller as soon as your offer has been accepted.
Does Texas require earnest money?
Formation of a valid contract for the purchase and sale of real estate in Texas does NOT require a Buyer to deposit earnest money. Even if a contract expressly requires the Buyer to make the earnest money deposit within a certain time, failure to do so does NOT mean that no contract has been formed.
How long do you have to deliver earnest money in 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.
What is earnest money when buying a house Texas?
Earnest money is an amount agreed to in the real estate contract that you will pay soon after entering into a contract as a show of good faith that you intend to purchase the property. If the deal closes, the earnest money is typically credited toward your home purchase.
What is earnest money in real estate Texas?
Earnest money is an amount agreed to in the real estate contract that you will pay soon after entering into a contract as a show of good faith that you intend to purchase the property. If the deal closes, the earnest money is typically credited toward your home purchase.
Does earnest money go towards 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.
How much is earnest money deposit in Texas?
1% to 2% of the home purchase price is common to offer as earnest money.
How long do you have to deposit earnest money in Texas?
After changes made in 2022. Texas law requires that your real estate agent delivers the earnest money within three days that the signed purchase contract is executed. However, there's an extension when the deadline is on a weekend or holiday.
Is earnest money required in Texas?
Formation of a valid contract for the purchase and sale of real estate in Texas does NOT require a Buyer to deposit earnest money. Even if a contract expressly requires the Buyer to make the earnest money deposit within a certain time, failure to do so does NOT mean that no contract has been formed.
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