Lamson Realty Group

REAL ESTATE TERMINOLOGY FOR DUMMIES!

Sarah wants to buy a house listed by Tom for $300,000. To show she's serious about the purchase, Sarah offers $3,000 in earnest money when she signs the purchase agreement.

This money is held in escrow and goes toward the purchase if the deal goes through.

For Sarah (the buyer): The earnest money shows she’s committed. If she backs out without a valid reason, she risks losing the $3,000.

For Tom (the seller): The earnest money gives confidence that Sarah is serious. If Sarah walks away for no good reason, Tom may keep the earnest money as compensation for taking the home off the market.

If the sale goes smoothly, the $3,000 is applied to Sarah’s down payment or closing costs.

Want to learn more terms like this, or tricks of the trade? Let me know in the comments!

These are great homes and very affordable as compared to many other states in the US. Who would be interested in walking through a few of these? Which one is your favorite?

Luxury Homes for Sale in the Indy Area | December 2022 - TalkToTucker.com Are you curious to see what luxury homes listed for over $799,900 look like in the Indianapolis area? Keep reading to see what's new to the market!