A: The Earnest Money Deposit is a deposit made by the buyer after accepting the terms of the assignment. This is the only way to secure their interest in the property once they have signed the binding contract. 

A: The EMD is typically non-refundable to protect the seller or Assignor in the event  the buyer fails to perform with the terms and conditions of the contract. 

A: Sending the EMD promptly is essential for the following reasons:
1. Secures the Contract: It legally binds the buyer to the contract, preventing them from losing their interest to another Buyer. 
2. Demonstrates Commitment: It shows the seller that the buyer is serious about the purchase.

*EMD must be submitted within 24 hours of signing an Assignment Agreement on all of our transactions.

A: Escrow is a neutral third party that holds funds and documents until all terms & conditions of the sale are met. It ensures that both the buyer and seller fulfill their obligations before the property and funds disperse.

A: A transaction coordinator manages all the paperwork required to close a real estate transaction. The transaction coordinators handle everything from opening escrow, to providing any & all updates, to finalizing the sale, ensuring a smooth and efficient process. Our trusted transaction coordinators are used on every transaction to ensure the integrity of the deal stays in place. 

A: Funds are typically wired through a bank transfer. The buyer transfers the purchase amount to the escrow account, which holds the funds until all conditions of the sale are met. Once everything is in order, the escrow company disburses the funds to the seller.

A: Yes, wiring funds is safe when done through secure, verified banking channels. It's important to verify wire instructions with the escrow company directly to avoid fraud. Practicing safe procedures to ensure your safety is a priority to us. As a reminder, wires should only be sent to Escrow, and never to an individual.

A: Closing costs can vary significantly from state to state, but they typically range between 1.5% to 2% of the purchase price of the property. These costs include various fees such as loan origination, appraisal, title insurance, and escrow fees. It's important to consult with a real estate professional or a closing agent in your specific area to get a more accurate estimate tailored to your transaction.

A: In a Subject To deal, the buyer takes over the seller's existing mortgage payments without formally assuming the loan. The mortgage remains in the seller's name, as Deed transfers to the Buyer and begins making the monthly payments.

A: A hybrid deal is a combination of Subject To and Seller Financing. A second note is created to allow any of the seller’s equity to be paid over time, rather than at time of closing. This allows for more flexibility in structuring the transaction and to meet the needs of both the buyer and seller.

A: Closing involves finalizing all aspects of the sale. This includes signing the closing documents, transferring funds, and recording the deed. Once all steps are completed, the buyer takes possession of the property, and the seller receives their funds.

A: Key documents include the purchase agreement, title documents, loan documents (if applicable), and closing statements. The escrow officer or transaction coordinator will ensure all necessary documents are completed and submitted.

For any further questions or specific inquiries about your transaction, please contact us directly. We're here to help you navigate the process smoothly and efficiently.