Step 10 - Drop Off your 1st Earnest Money Check

February 2, 2024

Step 10 - Drop Off your 1st Earnest Money Check

Buying A Home: Earnest Deposit Money

Congratulations on getting your offer accepted! Now that we have an executed contract, it's time to take care of your earnest deposit check. If you're wondering what earnest deposit money is, we've got a  great article explaining it that you can check out. 

We'll send you an email with all the details about the dollar amount of the check, who it should be made payable to, and where it should be dropped off or mailed. The ‘check’ needs to be a certified bank or cashier’s check. You will need to visit your bank branch and see your personal banker or teller. When you get the check, make sure to put "EM check for (insert property address)" on the "For/Memo" line. Then, put the check in an envelope but don't seal it just yet. On the outside of the envelope, write "EM check for (insert property address)" and your name.

Typically, you'll drop off the check at the office of the seller's Realtor or the Title Company. It's best to go during normal business hours so you can get a receipt or the name of the person who you leave it with. Be sure to make a copy of the check prior to dropping off/mailing. We will also follow up with the seller’s brokerage or title company for an earnest money deposit receipt, which you'll need to email to us. Go ahead and seal the envelope with the check inside. If you are mailing the check, it is best to send it with some type of tracking number (i.e. Priority Mail). Also, please shoot us a text with a picture of the check after you've dropped it off so we can let the seller's Realtor know it's been taken care of.

If you need to go after normal business hours or if the office is small and doesn't have a receptionist, look for a drop box near the front door where you can safely leave the earnest money check. Always best to snap a picture of the drop box.

Some brokerages and title companies offer an electronic option for paying earnest money. If that's something you're interested in, just let us know and we can get the wire transfer details for you.

Just a friendly reminder, the amount of your earnest money check will be deducted from your final down payment, and it needs to be dropped off within the time set forth in the contract.  That time frame is most often within 5 business days however it should be done as soon as possible after contract execution. 

If you have any questions or need further assistance, feel free to reach out. We're here to help!

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