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CONTRACTS - Earnest Money - Knowledgebase / Office Policies - Your KWGAP Support Team

CONTRACTS - Earnest Money

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CONTRACTS - Earnest Money

  • All earnest money must be turned into the broker as soon as possible once it is received by the agent. Please DO NOT carry around the check for any reason.  There are EM envelopes at each office please fill it out and deposit into the secure drop box.  

  • If you need to wire earnest money…YOU MUST email the buyer’s name, email address, property address and the amount as soon as you know the money is to be wired.

  • We WILL NOT hold earnest money in excess of $5,000.00 Total (This includes additional earnest money for the same property).

  • If any earnest money is returned dishonored by the financial institution, all parties must be notified, and the buyer has 3 days to correct and the buyer will also be responsible for a $25 returned check charge.

  • Earnest Money paid by check must be deposited into our Escrow Account for 10 Business Days before any Earnest Monies on a Terminated Transaction can be reissued. 

  • If Earnest Money is not received by the date stated in the contract, ALL parties WILL be notified that the buyer is in default. If it is agreed that the contract will not terminate,  an amendment MUST be signed by both parties and submitted with the loop asap.

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