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What is Due Diligence in Real Estate?

Redfin

In some states, buyers may also pay due diligence money—a non-refundable fee paid directly to the seller in exchange for this inspection window. While not required everywhere, it’s an important part of the process in certain markets and is separate from the earnest money deposit. Pay the difference out-of-pocket.

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7 Common Contingencies in Real Estate That Buyers Should Know

Redfin

In real estate, contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward. If financing falls through, buyers can withdraw and get their earnest money back. The title company typically conducts this search shortly after the contract is signed.

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Is Earnest Money Refundable? When You Can (and Can’t) Get It Back

Redfin

When you make an offer on a home, you’ll usually include earnest money – a deposit that shows the seller you’re a serious buyer. This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through.

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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process. Stay grounded by focusing on your priorities and budget.

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Home Buying Process Timeline: 17 Steps Every Buyer Should Know

Redfin

Whether you’re purchasing your first home or need a refresher, understanding each step in the home buying process timeline can help you avoid surprises and feel more confident along the way. Determine your budget Estimated time: 2-4 weeks Before jumping into your home search the first step is to determine how much you can afford.

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A Seller’s Guide To When A Buyer Does and Doesn’t Get Their Earnest Money Back

HomeLight

In many cases, if a homebuyer wants to back out of a contract and retrieve their earnest money, they’ll be able to find a way to do so within the confines of the real estate purchase contract. The typical amount is around 1% of the purchase price (ex. $5k Is earnest money refundable? 5k for a $500K home).

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What is a Purchase and Sale Agreement?

Redfin

One of these important pieces of paperwork is a purchase and sale agreement. . To help you navigate this document, we’ll go over what a purchase and sale agreement is, what makes up the agreement, and what happens after the agreement is signed. What is a purchase and sale agreement?