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What is Earnest Money?

Earnest Money Q. In your previous response to my question, you mentioned Earnest Money.  What is Earnest Money? Is it required? Is it non-refundable like Due Diligence Money?

A. For residential real estate sales in North Carolina and South Carolina, Earnest money is a refundable deposit, typically collected at the time of Contract, that is credited back to the Buyer at closing.  In the event that the Buyer defaults on the purchase of the home and it is a breach of the Contract, the Seller can claim the Earnest Money Deposit for damages.

In North Caorlina, Earnest Money is fully refundable so long as the Buyer terminates the Contract during the Due Diligence Period.  After the Due Diligence Period has expired, the Earnest Money becomes “hard” or non-refundable.

In South Carolina, Earnest Money is refundable so long as the Buyer terminates the Contract before completing milesone date (property inspection, financing contingency, etc).

In either state, the Earnest Money should be refunded in any situation where there is a material breach of the Contract by the Seller.

Charlotte NC Homes For Sale

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Posted in: blog, For Home Buyers Tagged: first time home buyer, real estate contract

About Jonathan Osman

Native of Washington DC, living in the land to honor Queen Charlotte of Mecklenburg since 2006.  Full-time Realtor since '03 and geek my whole life and part-time wanna-be race car driver every chance I can get.  I taught over 100k Realtors to use social media for more than just playing Farmville and run a boutique independent real estate firm with the goal of exceeding my clients expectation of what a Realtor can be.  Oh - an occasionally I get to do cool stuff, like host a radio show, with the Washington Redskins.

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About Tryon Realty Partners

We are a full service real estate firm serving the greater Charlotte area. Licensed in North and South Carolina

Tryon Realty Partners

809 W Hill St Suite C Charlotte NC 28208

704-960-1725
Jonathan Osman - Managing Broker Licensed in North and South Carolina

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© 2019 · Equity Framework

Licensed in North Carolina, South Carolina. Members National Association of REALTORS®. Equal Housing Opportunity. Copyright © 2016 Jonathan and Associates. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. Listings Provided by IDX Broker

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