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Updated over 15 years ago,
Question about earnest money
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.