Posts from November 3rd, 2021

We know that buying a home can be a confusing process, especially if this is your first time going through the process or if it has been many years since your last real estate transaction. We've explained a few common terms that a buyer might hear during a real estate transaction, especially in the Charlottesville area, below.

EARNEST MONEY DEPOSIT
A deposit made by the prospective purchaser to show that they are serious about buying the property. While you are not legally required to make an earnest money deposit, it is customary in & around the Charlottesville area. The deposit amount, which is not a set amount, is typically due within 5 days of ratification. The purchaser's brokerage typically holds the deposit until settlement, at which point the funds are released to...

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