Earnest money deposit – home buyer tips
Earnest money deposit – home buyer tips
So many home buyers forget about the earnest money deposit or do not know where it goes. By law in Michigan earnest money checks have to be deposited into a non interest bearing check by the real estate company or title company within a business day of signing the purchase agreement. So that means when the seller signs and accepts the check and you bottom line the earnest money check has to be deposited.
That means your check is going to be cashed. So make sure your bank account has enough money in it. So many buyers forget that is going to be cashed and forget to transfer funds. I hope this explains the home buying process a little bit more for you and why your earnest money check is deposit after signing the purchase agreement. If you have more questions about the home buying process give me a call on my cell (248)310-6239.
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