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Moving Soon? Here’s What to Know About Earnest Money


September 29, 2021

Moving is a fun and exciting experience, especially if you have found the perfect home at Continuum South Beach. After that, there is a lot to think about, especially regarding the actual purchasing process. In some cases, you may need to utilize earnest money to ensure you can purchase the property.

 

When making an offer, the earnest money will help get it off the market, making it difficult for buyers to place multiple offers on different homes, reinforcing the level of interest in the property. The deposit may be used later to cover parts of the closing costs and down payments once the offer officially closes. You will not always be required to use earnest money, but the likelihood increases if the market is especially strong.

 

The hotter the market, the more you may need to use towards your earnest deposit, but because this amount can be used for other costs when acquiring the home, there is not much of a downside other than needing the money earlier than you might usually need to. A real estate agent can help you determine the best amount to offer the seller, though, in most places, the standard is one to five percent of the purchase price.

 

These deposits may seem like yet another expense that comes with purchasing a home, but it helps protect your purchase.

 

Continuum South Beach is one of Miami Beach’s finest places to live, with breathtaking views of the Atlantic Ocean. For more information about Continuum Condos for Sale, please visit us online.