Now that your offer has been accepted by the seller and we have a binding contract, it’s time to turn in your earnest money check. The due date for your earnest money is included in your contract, and is typically one to three days after contract acceptance. Click here to read a great article explaining earnest money.
We will email you exactly how much your earnest money check should be made out for, who it should be made out to, and where it should be dropped off. In the “For” line of your check, put “Earnest money for (insert property address).” In most cases, your REALTOR®’s brokerage holds the funds in their trust account, and it is dropped off at their brokerage office; however, in some cases, the closing attorney may hold it or the seller’s REALTOR®. Regardless, you will need to drop off the check during normal business hours to drop it off, as you’ll need to get a receipt. When you get there, ask the receptionist to give you an earnest money receipt, and please email a copy to us once you have it. In addition, please text us after you’ve dropped off the check so we can let the seller’s REALTOR® know that your check has been dropped off.
Usually, a personal check is fine for your earnest money, though the format of the funds is also negotiated and included in the contract. We will remind you of this, as well, before you try to deliver the funds. In the event that the contract calls you for you wire your earnest money funds, we caution you to call the recipient (brokerage or closing attorney) to verify the wiring instructions over the phone to prevent losing funds due to wire fraud. We will talk more about this at length.
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off, generally, one to three days after contract execution.
If you have questions, call us at 404-994-2181.