I Just Signed The Contract How Long Do I Have To Get The Earnest Money Turned In

Dated: 05/16/2018

Views: 128

I get asked the "earnest money" question quite often by home buyers.  "How many days do I have to turn in my earnest money?"

Recent changes were made to the One to Four Residential Contract  (TAR 1601, TREC 20-14) in February that went into effect in May.  The Earnest Money paragraph outlines the details for the number of days to deliver the earnest money check.  Today, buyers have 3 days after the effective date of the contract to deliver the earnest money to the escrow agent on the contract.  The contract also states that time is of essence.  If the earnest money is not delivered within the 3 days, the seller can exercise his right to terminate the contract under Paragraph 15.  

Good news for the buyer, if the third day falls on a weekend or a holiday, the buyer can deliver the check on the next business day.

As for me, I always advise my clients to turn in the earnest money within 24 hours of the effective date of the contract.  This way, we avoid any issues with the timely delivery of the earnest money.  Plus, it shows the seller that we are committed to this transaction  and will meet the transaction deadlines in a timely manner.

For questions, please call Janet at (210)389-4715.   You can also reach Janet through janet.sahouses.com.

Janet Wingrove has been a licensed realtor in the state of Texas since 2007 and has been selling real estate in San Antonio ever since.  My #1 goal is to help people achiever their real estate dreams! - Janet

Latest Blog Posts

Sep 24 2018 62434 1

My wife and I enjoy attending concerts and other events in and around San Antonio, and we love it when friends join us.  We especially love it when the events are inexpensive, or better yet,

Read More

Sep 24 2018 63055 1

Since I have became a Real Estate Agent in San Antonio, I have had the chance to travel all over.  Who do you think is the Best Burger joint in San Antonio?  My choice is Chris.

Read More

Sep 24 2018 62749 1

What are the best pizza places in San Antonio? These are my top 3:1. Sorrento's Italiano Ristorante2. Dough Pizzeria Napoletana3. Ray's Pizzaria(Yes, I know. Dough spells it "Pizzeria" and Ray's

Read More

Fall Tips

Hello Fall!With Fall here and Winter around the corner, homeowners tend to miss out on some must do maintenance around the house. Here are some great Home Maintenance tips to keep

Read More