The process begins with a buyer making an offer through a sales contract. The agreement usually contains a price with the conditions of sale and the seller can choose whether he wishes to refuse or accept. If it is accepted, there is a conclusion in which the funds are exchanged and a document is submitted to the buyer. The sale is completed when the deed is filed in the registrar`s office under the buyer`s name. Serious money deposit: A serious deposit is a deposit that shows the good faith and obligation of the buyer to continue the purchase of the property. In return for the buyer`s serious money deposit, the seller withdraws the property from the market. At the end of the purchase, the deposit of serious money is charged to the purchase price. When the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer. We now need to define the terms of this agreement, which allow the buyer to buy the defined real estate from the seller. Make sure in advance that the exact registration of these documents, the date of entry into force, the identity of the buyer and seller as well as the description of the property. If so, you will find the fourth article (called “IV. Serious money”). Use the first space shown here to record the dollar amount that the buyer must present to the seller to enter into this agreement.
The second space in this section requires the last calendar date on which the buyer can transmit the Earnest Money to the seller before violating this deadline. Save the month and the two-digit calendar day in the empty field after the phrase “. As Consideration By” and then the double-digit calendar year on the next space “20”. This report must be continued by recording the time of day at which the payment is to be submitted in the following two spaces and marking the box “AM” or “PM” to indicate the corresponding suffix for that period. In some states, the Earnest Money required to enter into this agreement must be deposited in a trust or escrow. If yes, mark the first check box as “Any Earnest Money Accepted…” If not, select the checkbox before the bold words printed “It`s not.” Then we take care of the purchase of this property. Look for the fifth item (“V. Purchase Price and Conditions”). Two spaces have been specified for the first statement. .