Once we’ve come to an agreement on the inspection items, you’ve approved the condo documents, and your attorney has made changes to the contract, we can officially close the attorney review. Once that happens, dropping off the 2nd earnest money check is your next task.
The second earnest money check is usually somewhere between 2% – 5% of the purchase price, but can be up to 10% of the purchase price. Look at your executed contract for an exact percentage. Remember that this percentage is the total amount of earnest money due so you’ll need to deduct the amount of your 1st earnest money check to determine the amount of your 2nd earnest money check.
To make sure we are all on the same page, we will email you exactly how much your earnest money check should be made out for, who it should be made out for and where it should be dropped off. In the FOR line of your check put, “2nd EM check for (insert property address)”. Put the check in an envelope but don’t seal it. On the outside of the envelope write “2nd EM check for (insert property address) ” and your name. Generally, the check is dropped off at the office of the seller’s Realtor. 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 which you then need to email me. 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.
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off within 2 business days after the close of the attorney review and inspection time period.
If you have questions, call or text us at 312-600-7510.