Back to those Escrow Basics! – MONEY Talks! The 6 W’s of the Earnest Money Deposit you can’t ignore

Money Talks! But what is it saying? We need to have an understanding of the 6 W’s – Who, What, Where, When, and Why and even a Why, Not? – of this money that is deposited in the purchase of property or business. Because it is MONEY people get worried and very particular about how it is used or not used. From the number of questions that we get through the years what seems like a simple subject is actually anything but simple and is important enough to get its own little video. Here are some of the questions:

• Can we get our money back?
• When can we get it back?
• What happens to the money if the buyer backs out?
• Can the seller keep my deposit?
• Is the earnest money deposit refundable?
• Who holds the deposit?