So you’ve just received the exciting news – your offer was accepted! Now you need to get your earnest money deposit turned in to the designated holder by the date outlined in your Purchase and Sale Contract (PSA).
What are acceptable forms of earnest money deposits? A wire transfer, cashier’s check, or personal check will all suffice. It is important to note that Earnest Money will need to be deposited in the same form as indicated on the PSA to keep in line with the terms of the contract.
What are the earnest money deposit options? You can make a wire transfer, drop off at the designated holder location, courier pick up, FedEx slip, or mobile check deposit will all work.
As we are all aware, the real estate market is extremely competitive right now. And now offers calling for the immediate release of earnest money to the seller are commonplace. However, financial institutions require a ten business day hold on all personal checks. If the contract calls for earnest money to be released immediately to the seller before that ten-day hold is up, the funds will need to be deposited as a wire transfer or a cashier’s check drawn from a bank in WA state.
We hope that brief overview gives you a bit more insight as to how earnest money deposits work. As always, if you have any follow-up questions please reach out to our team.