In the Purchase and Sale Agreement that I am planning on using, there’s a section called EARNEST MONEY. In my contract it reads as follows:
- EARNEST MONEY to be deposited with licensed title company or attorney within 48 hours of acceptance by seller. The buyer will take title subject to the following loans on terms agreeable to the buyer:
A. Loan to _______________________________________ Balance $Interest rate: _________ %, Monthly Payment $ Loan Number Date last payment made______ Loan current through _________________
B. Loan to ________________________________________ Balance $Interest rate: _________ %, Monthly Payment $ Loan Number Date last payment made_______ Loan current through _________________Other liens: ________________________________________________________________________________
What do I include in this section if at the time I am still not sure how I will finance the deal?
Isn’t the EARNEST MONEY deposit, just that? A deposit to hold the property (ie, $50, $100)?