OfflineI am about to make out my check for earnest money on a property but I'm not sure who I make it out to. My agent's company, the sellers or to an escrow account? Should I just ask my agent?
Also, should I put "earnest money - and the property address" on the memo line of the check or should i just leave it blank?
I just don't want to do something that will make me look amateurish.
Any advice would be great.
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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If you are using and agent, it is normal to make it out to the agents company (brokerage). Sometimes, if you are dealing with an REO, the bank will have you deposit at their title comapany. If you are dealing with a seller directly, no agent involved, you would want to deposit it with your title company or attorney (some states use attorneys to close transaction).
It sounds like you are new to the business. Study and learn all that you can. Talk to mortgage people, title agents, pretty much anyone you can and pick their brains to pieces. They all can be a wealth of practical knowledge for you.
I wish you great success.
Jim
The contract you are signing will usually show the earnest amount and who the check is to be made out to. If you are just submitting an offer with a copy of your earnest money just ask your agent who to make the check out to. It's no big deal.
I always note the address on the memo line.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thank you for your advice. I appreciate the help you guys are always willing to share. Best wishes.
Rick
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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I make the check out to ____ Title Company, which is the Title Company on my Power Team UNLESS the Agt or Seller specifies another Title Company. That is, assuming you are going to close at _____ Title Company. If I were going to close at my RE Attorney's office, then I would make the check out to my RE Attorney's Escrow Account.
And as Michael says, I like to note the property address on the memo line.
Walter
SRI Dynamics, LLC