KEYS TO BEING A SUCCESSFUL ENTREPRENEUR:
Deposit accounts, or escrow accounts, are accounts that receive the initial deposit or “good faith deposit” of a transaction and are made through a title company or the attorney in charge of the proceeding. In other words, the money does not go directly to the seller but is protected impartially until the end of the purchase. The deposit is made to formalize the commitment to purchase the property; this is a sign of good intention under the parameters and regulations established by law. Usually, the amount of the deposit ranges from 5% to 10% of the purchase value, depending on what is agreed between the parties involved in buying and selling a property.
When is the deposit paid in good faith?
The good faith deposit is canceled depending on what is established in the contract; it will be stipulated how many days the buyer will have to make this deposit and any other conditions that the buyer must meet. They are usually made the day after an offer is signed by the buyer and seller (bid executed). After the seller accepts the offer, the deposit will not be refunded unless one of the contract clauses is not fulfilled. The escrow deposit funds are used at the end of the transaction in favor of the buyer.
If you need help when executing a real estate transaction, don’t hesitate to contact an expert team of real estate professionals, this way, you’ll watch your back, and your transaction will go smoothly.
4 Tips for Preparing Your House for Sale:
A little effort and preparation time before a visit to the house helps tremendously in the sale. It reduces promotion time and can result in more money for the seller. A few tweaks make a big difference in achieving a favorable impression on the buyer.
Tour your house today, become a curious buyer and take notes on what you could see and improve; this way, you can repair and improve everything that remains outstanding to get greater dividends from your sale.