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Do I have to put down a deposit with my offer?
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The simple answer is NO. At the stage of making an offer no moneys are due. That most likely changes when you offer is accepted. As part of your offer you would have stipulated an earnest money amount as well as the time for these funds to reach the title company.
As a buyer you want to make sure that the title company receives the agreed funds on time to ensure that the seller can not claim a breach of contract. This is particularly important in a sellers market where the seller could receive several backup offers that could be at a higher price than you are under contract at. The seller having just realized that he could have negotiated a higher price for his property might be tempted to claim a breach of contract and move to entertain on of the other higher offers. It is important to send the money in good funds. That normally means a same day wire transfer.
Personal checks take several days to clear through the banking system and you will more than likely miss the deadline of having the funds in the title company’s escrow account. |
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