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Updated over 15 years ago,

User Stats

11
Posts
1
Votes
N/A N/A
  • Real Estate Investor
  • vineland, NJ
1
Votes |
11
Posts

Question about earnest money

N/A N/A
  • Real Estate Investor
  • vineland, NJ
Posted

Hello everyone, i was just wondering if anyone has come up with any creative ways of either delaying or not putting down an earnest money deposit when putting a huge commercial property under contract.

the reason for my question is that when putting commercial properties under contract the earnest money deposit can be pretty substantial (normally 1% of purchase price or a little less if you negotiate, but chances are it'll still be a lot)

i heard about a clause Scott Scheel uses that stated something along the lines of "earnest money will be due at closing" or something, but i say to all of you will something like that fly when chances are the contract will be getting reviewed by their attorney.

i plan on having pretty rock solid contingencies in all of my contracts to protect me from having my money go hard before i actually have the funding to close on the property.

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