Utah Real Estate Definitions
Earnest Money –
Earnest money is money that the buyer puts down to tell the seller that they are serious about buying a home. This is usually held in the Buyer’s Real Estate Brokerage Trust Account or at a title company.
The lack of earnest money given a certain price range can signal financial issues to the seller. However, in Utah it is normal to have earnest money in the amount of $500 for a $135,000 house or $2,000 for a $350,000 house.
Remember every real estate transaction has different negotiations and it is wise to seek the advice of a real estate professional.
Per section 7 of the Utah Real Estate contract, the seller is required to deliver seller disclosures to the buyer. This contains all the information the seller knows about the property, including repairs, remodels, leases, title or anything material to…
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