Alternative Earnest Money Deadline


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The Alternative Earnest Money Deadline is typically the date agreed to in the Contract to Buy and Sell Real Estate when Earnest Money is due to the Earnest Money Holder.

Related Checklist Items

The following are parts of the Ultimate Nomad™ Checklist related to the Alternative Earnest Money Deadline.

Complete "Alternative Earnest Money Deadline" checklist

Complete "Alternative Earnest Money Deadline" checklist.

We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/

Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13

REAL ESTATE BROKER: Prepare "Earnest Money Receipt"

Once your contract is accepted your Real Estate Broker should be preparing an "Earnest Money Receipt" and coordinating with you to get the Earnest Money to the Earnest Money Holder before the Alternative Earnest Money Deadline.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Deliver Earnest Money to Real Estate Broker or Earnest Money Holder

Give your Real Estate Broker the Earnest Money with enough time for them to deliver it to the official Earnest Money Holder (as specified in the "Contract to Buy and Sell Real Estate").

This must be done prior to the Alternative Earnest Money Deadline specified in the "Contract to Buy and Sell Real Estate". The amount of Earnest Money is also specified in the contract.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Receive copy of "Earnest Money Receipt"

Once your Real Estate Broker (or in some rare cases you) delivers your Earnest Money to the official Earnest Money Holder, an "Earnest Money Receipt" is usually issued. You should get a copy.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Save "Earnest Money Receipt" to Dropbox

Once you have a copy of your "Earnest Money Receipt", save a copy of it to your property's folder in Dropbox with the filename formatted as:

"YYYY-MM-DD - 1234 Main St - Earnest Money Receipt.pdf"

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Provide copy of "Earnest Money Receipt" to Lender

Once you receive your copy of the "Earnest Money Receipt" after your Earnest Money is delivered to the Earnest Money Holder, provide a copy of the "Earnest Money Receipt" to your Lender.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

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