All About Earnest Money

Hello, it’s Michael coming at you from Rainier title
So I have decided to do these weekly videos Just to give you some information on title and escrow and some weeks may be on marketing
However, today I’m going to talk about earnest money. So what can I tell you about earnest money?
Let’s see we take there’s three types of giving us earnest money one is gonna be a personal cheque
Which takes ten days ten days for a personal cheque declarer
We also take a cashier’s check which is going to take 24 hours to clear. And then for a third way is we take
Wired, so wire is just like sending money. So it’s good same day also
Another thing I can tell you about earnest money is when you have an early payoff of earnest money on early release
As long as it’s specified on your contract when to release that money
We can release it early say so say you have $50,000 in earnest money and you want at least
25,000 other– to the seller at a certain date just make sure you have the date on there if you do not
Just make sure we get an addendum for when you need that done and we can do that
So one thing you should know about it is we only take cashier checks and wire when we do early
Releases just because a lot of the times when that happens
If you write a personal check it usually hasn’t cleared yet
So just keep that in mind when you are writing a contract out for early release. Okay, so I hope this helps you out
Enjoy your week. Enjoy the Sun and I’ll talk to you next week Michael from Rainier title

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