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Old Torrance Real Estate and Homes for Sale

Old Torrance CA Real Estate and Homes for Sale

Understanding Earnest Money

December 11, 2021 by admin

What is earnest money?

In Old Torrance buyers usually put in a 3% deposit, or earnest money, into escrow. These funds usually get wired and normally it gets put in within 3 days of seller acceptance of an offer. The funds do get deposited, but are usually refundable while the contingencies (inspection, loan and appraisal) are in place. Those timelines are negotiated during the offer/counter offer process.

Filed Under: Torrance homes, Torrance listings, Torrance real estate update, Torrance realtors Tagged With: earnest money in a torrance escrow

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