3 simple yet important FACTs every home buyer in the Northern Virginia area should know about earnest money deposit.
Cashed: When your offer is accepted the deposit has to be delivered to the escrow holder within stipulated time and the deposit will be cashed. So ensure your check does not bounce back!
Refunded: If for any situation your contract gets voided, your earnest money deposit will be refunded to you. For example, you void the contract on your home inspection contingency. Both the parties sign the notice and the release. The escrow office will refund your deposit.
Forfeited: If you default on your contract terms the earnest money deposit shall be used to compensate the sellers or broker for breach of the contract. You may want to seek legal help!
Irrespective if you are purchasing a new construction or a resale home in the Fairfax or Loudoun area of Northern Virginia the above remain true.