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Earnest Money

Earnest Money? It is an upfront deposit that a buyer deposits with the title company or with a real estate agent as a good faith payment. 

Purpose

 It is a commitment to show you are serious about purchasing the property. It can be refunded if agreed upon, if you cancel, or can be applied towards your down payment.

Amount

The amounts may vary depending on the purchase price of the property. In the state of Oklahoma you must have a monetary interest in the property to make the contract signed valid.

Handling

A neutral third-party (such as an escrow account) holds the EM until closing. This ensures its safekeeping and prevents any misuse.

Refund or Application

If the deal goes through the EM is applied towards your down payment during closing. However, if you decide to back out for reasons not covered by a contingency on your sales contract, the seller may keep the money as compensation for holding the property while other offers could have been considered. In order for a title company to refund the EM, a Release of Earnest Money form must be signed by all parties. 

Meet Our Expert Team

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Hispanic Community Focused

Our team is composed of seasoned professionals who are deeply passionate about making every real estate transaction as smooth and transparent as possible. With a focus on excellence and efficiency, we are proud to offer specialized bilingual support to serve the Hispanic community better. Trust in our expertise to guide you through your real estate journey.

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