Deposit the Earnest Money
Now that your offer has been accepted by the seller and we have an executed contract, it’s time to drop off your earnest money check. Earnest money checks usually need to be dropped off within 3 business days of MEC or Mutual Execution of Contract aka all parties have signed. So, what is earnest money? Click here to read a great article explaining earnest money.
We will email you exactly how much your earnest money check should be made out for, who it should be made out to and where it should be dropped off. In the “For line” of your check, put “EM check for (insert property address).” Put the check in an envelope, but don’t seal it. On the outside of the envelope write “EM check for (insert property address) ” and your name. Generally the check is dropped off at the title office which we will email instructions regarding the title office. Try to go during normal business hours to drop it off as you’ll need to get a receipt. When you get there, ask the receptionist to give you an earnest money receipt. Once you’ve been given a receipt, go ahead and seal the envelope with the check in it and give it to the receptionist. In addition, please text us after you’ve dropped off the check so we can let the seller’s Realtor know it’s been dropped off.
If you go after normal business hours or if the office is very small, there may not be a receptionist. Instead the door may be locked. If this is the case, look near the front door for a drop box where earnest money checks can be safely left.
Some Colorado title offices like Land Title have an electronic option for paying earnest money. If you'd like to pay it electronically let us know and we can find out if that option is available.
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off within 3 business days after contract execution.
Questions about Colorado Real Estate in Louisville or Lafayette? Reach out to the Appreciate Realty CO agent you are working with directly or Call us at (303)956-4948 or email us at hello@appreciaterealtyco.com