Posted by JohnBoy on March 23, 2001 at 10:53:55:
I would just cross out “earnest money” and write in “option consideration” in place of it.
EARNEST MONEY - Posted by Tom
Posted by Tom on March 23, 2001 at 03:01:46:
Hi All, could someone tell me if on a P&S, does there have to be any earnest money deposited? I’m catching up back taxes and don’t want to give up any more than I have to. Thanks for all your help, Tom
Re: EARNEST MONEY - Posted by JohnBoy
Posted by JohnBoy on March 23, 2001 at 09:47:51:
You do not have to put up any earnest money for a deposit. You only need some form of legal consideration to make the contract legal and binding.
For more detailed information on this read this:
Re: EARNEST MONEY - Posted by JoeS
Posted by JoeS on March 23, 2001 at 06:05:32:
Depends on the state in which you live, check with your title co., they usually have a current copy of real estate law in their office. I usually submit $500 only after the offer has been accepted, and my title co. holds it in their escrow account. Just my .02
Re: EARNEST MONEY - Posted by Tom
Posted by Tom on March 23, 2001 at 10:18:19:
Thanks for the info JB. I’m sure you don’t remember talking to me about this deal before, but I started this purchase with an Option and $100. I’m going to go ahead and buy it subject to and the P&S has a line for earnest money. Does this $100 transfer from the Option to the P&S? Thanks for all your help, Tom
JB, I was glad to read your post that you’re going to Atlanta, I’m anxious to meet you and everyone else that posts on these boards.
Re: EARNEST MONEY - Posted by Tom
Posted by Tom on March 23, 2001 at 10:21:03:
Thanks for the info Joe, I’ll check with them and see what they have to say. Thanks again, Tom