Step #1: The Earnest Money Deposit

Created by

Created by
Jaime and Melissa

Congratulations!! We are beyond excited to begin the escrow process and deliver the keys to your wonderful new home. Let's begin to discuss the first step, delivering the earnest funds to the title company to officially opens escrow. The next paragraph will outline the instructions to obtain and deliver the funds to the title company.

You would have received an email from our Transaction Manager, Sandra with the earnest fund's details. In her email, Sandra informs you of the earnest fund's deadline date, please make note of that so we are within the timeframe. Sandra also explains the assigned title company name that was listed in the offer, the amount of the cashier's check, and a link to drop-off locations for the assigned title companies. You can obtain a cashier's check at your local bank or you have the option to wire transfer the funds to the title company. If you decide to wire the funds, you must contact the title company directly to get the wiring instructions. Please keep in mind, we or Sandra will never email or text you wiring instructions and please be very cautious of wire fraud. If you have any questions about this process, please know that we are available along with our Transaction Manager, Sandra is available to assist you.

Now, let's discuss what are earnest funds. Earnest funds are a “Good Faith” deposit that will be applied to your down payment or closing costs. If you decide to cancel the contract during the inspection period, please understand that we can obtain your earnest funds back before the inspection deadline dates. These deadline dates can be found in the e-Calendar that our Transaction Manager, Sandra has provided to you via email.

The Title Company is a neutral third party that ultimately facilitates the transfer of the Deed and the funds agreed upon by both parties. Your Earnest Money Deposit is typically required within 24-48 hours after an accepted offer, if the earnest funds are not received in the agreed timeframe after an accepted offer the Seller is entitled to move forward with another offer.

I've included a valuable video to better explain the process, thank you for your time in this matter, and congratulations!!!

Respectfully,

Jaime and Melissa Hernandez, REALTOR®
720.788.1860
Fallinlove@HomeSweetColorado.com
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Instructions with Depositing Your Earnest Money

Once the EMD is collected from the title company you're expected to be in escrow from 30-45, now that time frame can be more or less depending on the agreed-upon close of escrow date.

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Earnest Money | Your Rights as a Buyer

Now as a Buyer your earnest money is reserved through your due diligence period and additional deadlines in the contract, however, if a dispute were to occur then it would need to be resolved through a court setting process. Remember the reason for Earnest Money is to ensure that you're not taking the Sellers home off and back out for an illegitimate reason.