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Hello, I hope you can help me. I need information on what percent of the purchase price of a commercial property is typical for an earnest money deposit in Texas.

Lawyer's Assistant: Has any paperwork been filed?

No, it is just for a contemplated purchase and sale agreement for a commercial property.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, the purchase and sale agreement is for commercial real property in Texas that is improved by one commercial building. There are currently a few commercial tenants in the building. The property is being sold as is. The seller is offering a title review period, but no other inspection or financing period.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

Yes, it is in Texas.

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/16/2017
Real Estate Lawyer: Attyadvisor, Attorney replied 9 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 8,697
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome and thank you for your question. I will be the professional that will be assisting you.

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Real Estate Lawyer: Attyadvisor, Attorney replied 9 months ago

Earnest money is used as a show of good faith in wanting to purchase the property. When I represent the purchaser I prefer they put down as little as possible. The typical range for commercial property is 5%. If you are not paying cash you need a financing contingency. Why no inspection?

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