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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	What is the world's most expensive Monopoly set?
A	San Francisco jeweler Sidney Mobell created an exclusive $2 million Monopoly set, with solid 23 carat gold houses, chimneys made of rubies and sapphires and dice with 42 full cut diamonds for spots.
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Dawn Fore, REALTOR®, real estate agent and broker for Northwest Houston, Cypress and Harris County Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Dawn Fore
RE/MAX Lakeland
17920 Huffmeister, Suite 140
Cypress
Texas 77429
Direct: 281-304-9500
Mobile: 281-731-7399
Fax: 832-220-1280
DawnFore@Remax.net
Dawn Fore is a licensed real estate broker in the state of Texas and was inducted in the RE/MAX Hall of Fame. She is also a current member of the prestigious RE/MAX Chairman's Club (2006,2007,2008). A local Houston honor, Dawn was ranked among the top 25 Houston Residential Real Estate Teams by the Houston Business Journal (2006,2007,2008). Now a Broker Owner of Cypress Texas' newest RE/MAX office, Dawn is currently interviewing and mentoring agents and agent teams. If you are a Realtor and are interested in working among successful, highly motivated agents, please call for a confidential interview. Or visit www.JoinLakeland.com

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