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Find Out About the Latest Portland, Beaverton, Tigard and Sherwood Area Homes for Sale Before Anyone Else!

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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	What is the most unusual maintenance project done once each year in the United States?
A	The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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The Marc Fox Group, REALTORŽ, real estate agent and broker for Portland, Beaverton, Tigard and Sherwood, Oregon home listings, property and land for sale

The Marc Fox Group
Keller Williams
17700 SW Boones Ferry Rd.
Portland, OR 97224
503-484-5010
503-915-7475
Fax: 503-336-7170
marcfox@NUMBER1EXPERT.com
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