Once the attorney review is closed, inspection items are agreed upon, and condo documents (if applicable) are approved, your next step is to drop off the second earnest money check.
Key Details About the Second Earnest Money Check
- Amount: Typically 2%–5% of the purchase price, but it can go up to 10%. Refer to your executed contract for the exact percentage.
- Instructions: We’ll email you the exact amount, the payee, and the drop-off location.
Writing the Check
- Payee: Write the check to the entity specified in the email.
- Memo Line: Write “2nd EM Check for [Property Address].”
- Envelope: Place the check in an envelope but leave it unsealed. Write the following on the envelope:
- “2nd EM Check for [Property Address]”
- Your full name.
Where to Drop Off the Check
- Location: Typically at the seller’s Realtor’s office.
- Timing: Try to visit during normal business hours to ensure someone is available to provide a receipt.
Steps for Dropping Off the Check
- At the Office:
- Hand the check to the receptionist.
- Request an earnest money receipt.
- Email the receipt to us.
- No Receptionist or After Hours:
- Look for a secure drop box near the front door.
- Leave the envelope in the drop box.
- Final Step:
- After dropping off the check, text us immediately so we can notify the seller’s Realtor.
Reminder
- The second earnest money check is part of your down payment.
- It must be dropped off within 2 business days after the attorney review and inspection time period closes.
If you have any questions or concerns, feel free to reach out!