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Tina
Tina, Lawyer
Category: Real Estate Law
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Experience:  16 years of legal experience including real estate law.
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HI one more question, Tina--I was sent a purchase agreement

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HI one more question, Tina--I was sent a purchase agreement for another house I made oral offer on--it is Nassau County, as well. Anyway, the purchase agreement is asking for 20% of asking price to be put in escrow for deposit--isn't it normally 1% of asking? Thanks again!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.

Hello again and thank you for requesting me.

Before I can give you an accurate answer to your question, please provide the following additional information:

What is the purchase price of the property?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 1 year ago.

$780,000


 


they want 78k in escrow via via check... sorry, so I guess not 20% but more like 15%...

Expert:  Tina replied 1 year ago.
I see. Thank you very much for clarifying that, Lysistara. That appears to be exactly 10% of the purchase price.

The amount required as earnest money is often dictated by the seller and 10% is not unheard of, although 5% or less is common. I would approach the seller or their agent to determine whether there is room to negotiate this amount so you are not required to pay such a large sum before closing on the property.

The seller likely wishes to avoid a breach of contract but there could be hidden defects as well that could be uncovered during inspection, so it can be risky to put so much in escrow until after you have had the appraisal and inspection completed. Perhaps they will be willing to permit you to put 5% down now and the balance of the $78k after the appraisal and inspection reports have been completed. That would be less risky for you.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 32167
Experience: 16 years of legal experience including real estate law.
Tina and 9 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Yes, 10% (sorry, I'm terrible at calculating averages in my head)--okay, thanks for the great advice--I will definitely try this as I feel it's a too much money to put down and to stand losing...


 


Lysitara

Expert:  Tina replied 1 year ago.
No worries. :) I think that would be less risky, but you should receive a refund of the earnest money if the purchase does not go through for some reason which is not caused by you, such as if the seller is unable to fulfill some obligation under the contract or your financing is not approved through no fault of your own. I thought I should note that since you don't typically forfeit that deposit unless you breach the agreement and the seller suffers damages. Even then, they are normally entitled to their actual damages but should refund any balance of the deposit remaining unless you agree to forfeit it in the event you breach the agreement.

Good luck to you!
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 32167
Experience: 16 years of legal experience including real estate law.
Tina and 9 other Real Estate Law Specialists are ready to help you
Expert:  Tina replied 1 year ago.

Thank you for your positive rating of my service. It has been my pleasure to assist you and I hope you will ask for me should a future legal need arise.

When you receive your Customer Satisfaction Survey from JustAnswer, please do rate me highly (9-10). It benefits my ability to assist you and other customers, and would be tremendously appreciated.

Thanks again and all the best to you.

Tina

Note: Please feel free to request me if you have future legal questions by typing your new question in the question box on my profile page. Here is a link to that page, which you can bookmark or add to your favorites: http://www.justanswer.com/law/expert-tina/. I look forward to hearing from you again.

Customer: replied 1 year ago.

Will do, as well as add you a bonus....

Expert:  Tina replied 1 year ago.
Thank you very much. It is greatly appreciated.

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