Greg Tolbert, Tim Tabor and Bobby Wilson

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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	Where is the world's largest mud building?
A	The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season.
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Greg Tolbert, Tim Tabor and Bobby Wilson, REALTOR�, real estate agent and broker for Lake Ozark, Four Seasons, Osage Beach and Lake of the Ozarks, Missouri home listings, property and land for sale - NUMBER1EXPERT

Greg Tolbert
Al Elam Real Estate
2860 Bagnell Dam Blvd.
Lake Ozark,
MO 65049
Office -Phone:: 800-356-2311
Greg Tolbert: : 573-280-1219
Bobby Wilson: : 573-280-3949
Tim Tabor: : 573-480-4464
Fax: : 573-365-2310
Email:: gregtolbert@NUMBER1EXPERT.com

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