Earnest money deposits?
If I insert a clause into my contracts stating that I will place an earnest money deposit into escrow with my attorney once the offer is accepted, (so I can keep control of my money and not the RE Agent), is there a standard time limit to do this, or should I also include a time limit? Seems I should do it as soon as accepted!
I just want to protect my working capital and not have to place many deposits on each contract submitted.
The ultimate goal is to get my earnest money deposit I put up from the investor I flip to, without having my capital tied up too long.
Is this logical? Any Suggestions? Variations?
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