Profile picture for EWmama

FSBO ??

When taking a deposit from a buyer, what do we have them sign?
Deposit subject to Lawyer's approval or something else.?
Thank you for your help. ewmama
  • November 19 2010 - Ramsey
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Answers (8)

EWmama, how did you transaction work out? Happy New Year! Regards,
  • December 30 2010
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Hopefully the buyer has presented you with a written offer that all parties have signed and in additional terms you can write that it is subject to seller's real estate lawyers review.  You should also state the release of the deposit terms.  What you and the buyer agree upon if the transactions isn't accepted; and also if it is accepted and agreed, but the buyer defaults due to no fault of the seller, what will happen to the deposit. If you are in a state that requires title/escrow Company, you would deposit the earnest money into an account the escrow officer sets up for your transaction.  

It is best to have a professional oversee any real estate transaction. Most buyers feel that they can purchase a home for less then market value, because they realize the owner doesn't have to pay for real estate representation.  Hope this helps. 

  • December 29 2010
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Run and find a competent real estate attorney.  You are dealing with probably the largest investment you will have, and no idea of how to go about it?   Not a good move.
  • November 23 2010
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I advise that you contact a Real Estate Attorney and in the initial Purchasing contract with purchasing contingences, it should be stated the amount of the deposit being made. The contract and deposit check should be given ASAP to the sellers Attorney to be reviewed. This can be a long process and hope that the buyers credit was pre approved and not just
pre qualified which really doesn't hold any validity, otherwise you are giving away precious time that another pre-approved buyer could have come along.  
  • November 22 2010
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Have your attorney draft it and hold the money.  I am hoping you checked the pre-qual and have had an expert in to advise you on the  "Current Market Conditions and price".
  • November 20 2010
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EWmama, will your buyer need a mortgage? This is only the beginning, your house is far from being sold. Good Luck! Regards,
  • November 20 2010
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In northern  NJ, we use attorneys for closings, not title companies - contact a real estate attorney asap - he will hold the deposit,  make sure the contract is worded properly, and all contingencies are in place - this protects you and the buyer (who should have their own attorney).

I really can't advise you how to word anything in regard to accepting a deposit on your home.....as that's stepping on legal toes!

Best wishes
  • November 19 2010
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Profile picture for rockinblu
Contact the title company you plan on using, and have them hold the deposit. They will help you with all that, and of course you should be consulting with a RE attorney as well. You might be interested in this.
  • November 19 2010
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