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Good Faith Deposit |
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I have put down on a contract 1,000 as agood faith deposit. Do they cash this now or at closing? |
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I hope you gave that to a real estate broker or a lawyer, and not directly to the seller. Agents are legally required to deposit the money promptly in a separate escrow account, not mingled with their own funds. So yes, they probably do cash the check now. If that check's not good, the seller would need to know right away.
At any rate, you do get credit for that money at the time of closing -- it goes toward the purchase price. |
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Edith
Originally published on September 15, 2007 |
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