Earnest Money in New Jersey

[Patrice Bocci]

Hi there! I'm a new investor from Brooklyn, NY, and I'm planning on investing in Newark, NJ. Right now, I'm working with an agent to familiarize myself with the New Jersey market and purchase process. We found two properties and would like o put an offer on both, but while discussing the next steps with my agent, he mentioned that there is earnest money that comes in two deposits that are ten days apart from each other. The first deposit is $1000, and the other is $5000. Since I'm new to the process, I'm wondering if this is a common thing. Thoughts and advice are welcomed!

[Victor Avelino]

@Patrice Bocci

Hi, as mentioned above. Yes the $1000 is needed to submit the offer and the $5000 is needed after they accepted the offer and you complete the attorney review.

In Newark I use attorney Roman Akopian. He's VERY GOOD and affordable.

There are also tons of attorneys here in bigger pockets that can assist you. You can reach out to them.