If you ask the Buyer or Seller in most real estate transactions to define an Earnest Money Deposit (EMD), they will likely describe it as a down payment put toward the purchase of a property. While an EMD may eventually be applied to the purchase price of a home, its true purpose is something entirely different. In short, an EMD shows the Seller tha...

• calendar_month May 7, 2020
• category Legal Corner
• post 3051 Saint Albans Dr Rossmoor, contingency, deposit, EMD, loan contingency, purchase agreement

Ideally, we’d like to work in a real estate industry in which everybody wins. Contingencies, when used in good faith, help us get closer to that goal. What are contingencies? Basically, they’re conditions that can be placed on a transaction that, if not met, invalidate the transaction. This definition probably paints more of an “everybody loses” scenario than one in...

• calendar_month August 1, 2024
• category Legal Corner
• post 2024, California, contingency, inspection contingency, Legal, loan contingency, Los Angeles, Orange County, Transaction in Motion