How customary is it to include earnest deposit money with the letter of intent for multifamily acquisitions?

In Buying Property - Asked by Dwight B. - Jan 29, 2010
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Answer(s)

Katherine H.
Broker/Agent
San Rafael, CA

In order to have a binding contract there must be an earnest money deposit.
Katherine J. Higgins
Top Producer Investment Sales
Bradley Real Estate, Inc.
851 Irwin Street, #104
San Rafael, CA 94901
415-302-7730

Jan 29, 2010
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M M.
Owner/Investor
Newark, NJ

I don't believe that it is very common to include the earnest money deposit with the LOI, since you and the seller have yet to execute the purchase-sale agreement with the LOI.

Jan 29, 2010
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