Posted by JohnBoy on April 28, 1999 at 14:58:49:
I wouldn’t give 10% to the broker to hold in escrow. If something goes sour on the deal he could tie up your money.
I would be firm on my offer and tell him $1,000 is all that’s going to be put up by you in escrow or there isn’t going to be any deal, period! Tell him he can take it or leave it.
If you feel the deal is that good and don’t want to risk losing it over putting up the 10% then I would only agree to put the money up in an escrow account that will be held by your attorney or the title company. No way would I let the broker hold the money in escrow. Otherwise $1,000 is the maximum I would put up.
If you do break down and risk putting up more then add your own conditions to the terms on how the money in escrow is to be handled. Post date the check until the day of closing with written instructions that the check is to be held in escrow with your attorney or the title company “Un Cashed” until the day of closing. If for “ANY REASON” closing doesn’t take place on or before such and such date, then the check being held in escrow is to be returned to the buyer uncashed. That’s pretty much like not having any money held in escrow anyway.