Among other things, key terms that need to be negotiated include: It is crucial that all parties understand the specific terms when earnest money is transferred to a third-party escrow agent. The terms of an earnest money deposit are negotiated by the parties in North Carolina. North Carolina Law: Terms of an Earnest Money Deposit are Negotiable Assuming that transaction goes forward without issues, the EMD will be applied to the buyer’s down payment. By making an earnest money deposit, a buyer is putting a hold on the home while they move towards the next stages of the transaction-such as the inspection and/or financing. As defined by Investopedia, earnest money is a “deposit made to a seller that represents a buyer’s good faith to buy a home”. What is Earnest Money in Real Estate?Įarnest money is also referred to as an earnest money deposit or simply as EMD. Here, our North Carolina real estate lawyers explain the key things to know about earnest money and real estate transactions in North Carolina. During this market, it is crucial that all parties know their rights and responsibilities. With more at stake in real estate transactions than ever before, there has also been a rise in real estate-related disputes. The median residential real estate price in North Carolina hit a record high in 2021. The residential real estate market has been blazing hot. Posted by PerryBundyWebsite | Real Estate Lawyer Real Estate Law in North Carolina: What to Know About Earnest Money
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