I think this information is very useful and I'd thought I would post this with hopes that it would someday save someone's life. Please don't forget to share.WRITTEN BY A COP: Everyone
I Just Signed The Contract How Long Do I Have To Get The Earnest Money Turned In
I get asked the "earnest money" question quite often by home buyers. "How many days do I have to turn in my earnest money?"
Recent changes were made to the One to Four Residential Contract (TAR 1601, TREC 20-14) in February that went into effect in May. The Earnest Money paragraph outlines the details for the number of days to deliver the earnest money check. Today, buyers have 3 days after the effective date of the contract to deliver the earnest money to the escrow agent on the contract. The contract also states that time is of essence. If the earnest money is not delivered within the 3 days, the seller can exercise his right to terminate the contract under Paragraph 15.
Good news for the buyer, if the third day falls on a weekend or a holiday, the buyer can deliver the check on the next business day.
As for me, I always advise my clients to turn in the earnest money within 24 hours of the effective date of the contract. This way, we avoid any issues with the timely delivery of the earnest money. Plus, it shows the seller that we are committed to this transaction and will meet the transaction deadlines in a timely manner.
For questions, please call Janet at (210)389-4715. You can also reach Janet through janet.sahouses.com.
Janet Wingrove has been a licensed realtor in the state of Texas since 2007 and has been selling real estate in San Antonio ever since. My #1 goal is to help people achiever their real estate dreams! - Janet