Now that your offer has been accepted and we have a fully executed contract, it’s time to submit your earnest money deposit. Earnest money deposits are made directly with the title company and are typically required within two to five days of a fully executed (signed by both parties) Buy-Sell Agreement. Be sure to check your specific Buy-Sell Agreement for the required timeline.
So, what is earnest money? Click here to read a great article explaining earnest money.
The title company can advise you on your available options for making your deposit, which include check, mobile deposit, or wire transfer.
If using a wire transfer, be extremely cautious, as wire fraud is a growing concern in real estate transactions. Always verify wire instructions directly with the title company via a trusted phone number before sending any funds—never rely solely on emailed instructions.
When submitting your deposit, please include your Escrow File # or the address of the home being purchased to ensure proper credit of your funds.
Once the deposit has been made, the title company will email receipts to both real estate agents, confirming that the deposit has been received and that this step of the contract has been fulfilled.
Your earnest money deposit will be applied toward your final down payment at closing.
If you have any questions, don’t hesitate to reach out!
