Questions about buying a home? Through Miami Real Estate Cafe – The Restivo’s Real Estate Blog – whatever questions you might have about buying (or selling) real estate you’re welcome to ask them here… or give us a call at 305-793-1365. Buyer’s questions most often center around money… how much to offer … how much to put down… and about escrow.
Question: “ Our earnest money deposit is IN ADDITION to what we are offering on the property?
Answer: “ESCROW / GOOD FAITH DEPOSIT / EARNEST MONEY (three words – same meaning) refer to advance deposit the buyer puts down on a property. It’s just that: A deposit. Your initial deposit (and any subsequent down payments) will be held in an escrow account until closing. Your entire deposit will be applied toward your purchase price. Escrow deposits are not in addition to the contract price … but instead are applied and credited toward it.”
Anytime you are ready to buy, sell or lease property in South Florida, we will be more than happy to assist you. Looking forward to working with you! The Restivo Team 305 793-1365 restivo.v@ewm.com
