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Katy, Houston and Sugar Land real estate and homes for sale in Texas - Liz Carter's Team - REALTOR®

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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 role of the U.S. Housing Authority?
A	Created in 1937 by FDR, the U.S. Housing Authority provides construction loans to small communities and states.
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Liz Carter's Team, REALTOR®, real estate agents and broker for Katy, Houston and Sugar Land Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Liz Carter's Team
Liz Carter & Team Realty
21949 Katy Freeway
Suite D
Katy, TX 77450
281-391-SOLD (7653)
Toll Free: (800)783-4041
Fax: 281-392-2910
liz@lizcarter.com
Since 1976, Liz Carter and her team have been delivering what buyers and sellers need most - Results! In the Houston & Katy area market, whether you are buying or selling your home, we deliver the highest degree of professionalism and responsiveness with a focus on quick and efficient real estate transactions.

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