Earnest money is a cash deposit buyers make when they sign a contract to buy a house. EMD makes the contract binding and signifies the intention of the buyer to complete the purchase. At closing, the EMD becomes part of the down payment.
A contingency is a condition on the sale put into the contract by either the buyer or seller to protect against specific eventualities. Examples of contingency's would be: a requirement that the buyer obtains financing or sells their current home; the seller has a home inspection done; or the seller must repair specific items before settlement. Contingencies can be removed by an addendum to the contract or can expire if a time limit is specified in the contract. There are multiple types of contingency including, Loan Contingency, Appraisal Contingency, and Property Contingency
The timeframe usually varies when searching for your new home. Upon receiving an accepted contract, the process usually takes 20-45 days to close.
Phone: (480) 840-5104
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