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Oliver and Juhi are house hunting. They have found a place they like (Hilltop House) but intend to continue house hunting for one more week before making their final decision. To avoid having someone else purchase Hilltop House, they place a $3,000 deposit on it. This deposit will apply to the purchase price if they buy Hilltop House. If they do not buy Hilltop House, they will forfeit the money. Essentially, Oliver and Juhi have a _____ on Hilltop House.

Respuesta :

For the house hunting, Oliver and Juhi place a $3,000 deposit on it. If they do not buy Hilltop House, they will forfeit the money. Essentially, Oliver and Juhi have a "real call" on Hilltop House.

What is Earnest money deposit?

Earnest money is a deposit given to a seller as proof of the buyer's good faith in a deal, frequently in real estate purchases.

Some features of earnest money deposit are-

  • A real estate transaction deposit is typically non-refundable once talks are through and the conditions are met, with a few exceptions. Make sure the home is the one you desire before putting down a deposit.
  • The amount of the earnest money deposit is typically between 1 and 2 % of the purchase price, although it may be greater based on your agreement. It will be kept in an escrow account until closing, when the remaining down payment will be applied.
  • Whatever is specified in the contract may designate a title firm, attorney, bank, or broker to hold the earnest money in escrow for the duration of the contract.

To know more about the difference between real property and real estate, here

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