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

Earnest Money

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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.  Please indicate on the envelope whether we can deposit immediately or if we need to hold funds for any reason. If we need to hold the funds please contact support at 833-833-3505 to let us know when we are clear to deposit and record the Earnest Money. 

  • If you need to wire earnest money…YOU MUST do one of the three options:
    • Submit a request ticket by going to support.kwgap.com. Scroll down until you see Common Support Request Types: Select Wiring Instructions Request and fill out the requested information that is required.
    • email support@kwgap.com the buyer’s name, email address, property address and the amount as soon as  you know the money is to be wired.
    • Call support at 833-833-3505 and ask us to send wiring instructions and provide us the needed information.
  • We WILL NOT hold earnest money in excess of $10,000.00 Total. Anything over $5000 will need to be received by Wire Transfer.

 

  • 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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