Specializing in:
Water Front Property
Residential Homes
Commercial Real Estate
Investment Property
Vacant Property

Carol L Paton
GRI, Associate Broker
Office: 586.843.6314
Cell: 586.665.8808
Fax: 586.726.4514
Email: carol@teampaton.com

Kevin Paton
REALTOR®
Office: 586.843.6326
Cell: 586.292.1770
Fax: 586.726.4514
Email: kevin@teampaton.com
 
Disposition of Earnest Money
 When a buyer makes an offer to purchase a home, he or she usually pays a deposit to the seller indicating his or her ability to carry out the terms of the contract.  This deposit is called "earnest money." If the contract is fulfilled, the earnest money is applied to the selling price. 

Real estate licensing laws are specific about the handling of these funds.  They must be deposited into a broker's trust account.  Default by the buyer on the contract may result in the earnest money being paid to the seller as damages.  Because of this, you should carefully understand how the disposition of earnest money will affect your efforts to buy a home.

For more information on disposition of earnest money, contact  Carol or Kevin Paton. We will be glad to help.

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© 2004 Coldwell Banker Real Estate Corporation. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned and
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