Music. Hi, I'm Annie Fitzsimmons. I'm your Washington Realtors Legal Hotline lawyer, and this is another episode in our series entitled "Real Estate Fundamentals You Should Know." Today, we're talking about earnest money, which is a topic so broad that we could actually spend probably seven and a half hours talking about it. But we're gonna talk about three fundamental earnest money issues in this episode. The first issue we're talking about is when is the buyer's earnest money due? Form 21, paragraph B, controls this issue. The buyer must deliver the earnest money within two days (that's two business days) following mutual acceptance. It is irrelevant whether the buyer is delivering the earnest money to the buyer's broker or to escrow. If the buyer is the one who's delivering the earnest money, the buyer's action is required within two days following mutual acceptance. If the buyer delivers straight to escrow, great, the earnest money gets delivered and it's delivered timely. If the buyer delivers the buyer's earnest money to the buyer's broker, then the buyer's broker has three days following either mutual acceptance or the buyer's delivery of the earnest money (whichever comes later) to get the buyer's earnest money deposited to escrow or to the ultimate holder. Maybe it's the buyer's broker's firm that's holding the earnest money. But the buyer's broker has three days following receipt of the earnest money or mutual acceptance (whichever comes later) to deposit the earnest money. Now, as an aside but also important for you to know, not controlled by Form 21, not controlled at all by the purchase and sale agreement, but controlled by Department of Licensing regulation: Brokers, if you can get that earnest money deposited to the escrow company within two days of receiving it, then you should get...
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Earnest money agreement washington state Form: What You Should Know
C) A holder that enters into an earnest money agreement shall be deemed in default if the holder has failed to make all required payments, including the payments required under the written agreement. (d) The holder of an earnest money agreement also shall be deemed in default if the holder fails to comply with subsection (a), if subsection (a) does not apply, or if subsection (a) causes the holder to be in substantial arrears on amounts due or owing under the earnest money agreement. (e) For purposes of subsection (d), a substantial arrear on amounts due or owing includes (1) nonpayment of the holder's obligation under an earnest money agreement, or (2) failure to pay due taxes or other assessments. (f) No consideration for a sale or other disposition of property shall be accepted by a holder if the holder knowingly enters into an earnest money agreement that is in default pursuant to paragraph (b) of this subsection, or that is in material breach of an obligation under an earnest money agreement or otherwise materially breaches the terms of the earnest money agreement. Find out the law for selling your house If you sell your house to a buyer, and also have an earnest money agreement, you can use real estate form WA and fill it out online, with no fee. There is nothing to download or install, and it will do all the work for you. If you sell your house using online forms, the buyer, who is in WA, must do all the paperwork for you. They don't have to give you any paperwork (just pay the fee to get online forms). If someone bought a house with an earnest money agreement, and now the buyer is behind in their payments, do they not have a legal obligation to make payments under an earnest money agreement? Yes. They don't. The real estate form WA will automatically collect all the legal paperwork the buyer would need to fill out and provide copies and send to you. You don't have to do anything! How to Fill Out A Washington State Real Estate Affidavit Form Find out your legal rights to sue for the unpaid debts on your Oregon deed by learning about Oregon foreclosure. Learn More Oregon Foreclosure Info If you want to learn more about your rights in Washington state after a foreclosure, read this paper. How to Fill Out a WA CLA form Find out your legal rights to sue for the unpaid debts on your Oregon deed by learning about Oregon foreclosure.
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