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August 16th, 2010 12:33 PM

Your Escrow Deposit (or "good faith" offering) many times makes the difference as to how much consideration your offer will get.  If you're making a low offer and an escrow deposit of say $100 (which is your right) most times I hear back from the seller, "They're just trying to steal it". 

Consider putting down a deposit of 5% or even 10%. It not only shows you are taking the offer seriously but you have the resources to do the deal if the owner accepts your lower offer. 

Your broker, the seller's broker or the attorney of either party can hold the escrow deposit.  It's not uncommon for a Title agency to hold the escrow when buying or leasing commercial property. 

We are all held to the same standard as those standards relate to safeguarding of the money and who gets it when it's time.  If the parties are not in agreement as to who gets it, it is not automatically released to one party but most likely and arbitration or mediation ensues.

Before making any offer though, talk with your attorney and definitely do that prior to signing an offer for purchase and sale or lease. 

Planning on buying, selling or leasing commercial real estate in Daytona, Port Orange or Ormond, call me, Claude Gardner, 386 846 4135.  I'll be with you every step of the way, www.businesslocationsonline.com/resume .


Posted by Claude J Gardner PA CCIM on August 16th, 2010 12:33 PMPost a Comment (0)

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