question after the contract is signed by seller of a property do the 10 dollars deposit go to the seller or the title company?
How is a double closing done ?
Your earnest money goes straight to title company
For a small amount like $1 or $10, you can give it straight to the seller. Just make sure the title company knows about it.
With amount’s under $50 I would just go straight to the seller be sure to get reciept that is signed by the seller though.
$10 deposit or any deposit - does not matter - goes to where every the buyer and seller agree and put in the contract.
If you are the buyer, you definitly want it to go into the escrow companies office. Then if the deal does not go through, they have the money in an account to give back to you - and the seller cannot get it unless they have a non-refundable deposit clause in the contract or if you sign off on it.
If you are the seller, you may want it to go directly to you. Me as a seller, I still have it go to the title comapny as an act of good faith with my buyers. But I do have a clause in my contract that after so many days the EMD becomes non-Refundable and goes directly to the seller if they buyer does not close. Check with the escrow company to see how this needs to be worded for them to accept.
Kim in Kansas City
Mid-America Association of Real Estate Investors
Depends on the agreement. Straight deposit or held in earnest.