No Single topic seems to haunt the Columbus area home buyer more than Earnest Money.  For good reasons too: 1) It’s usually a pretty large chunk of change and no one wants to give away free money, 2) At the same time, no one wants to buy a house they don’t want to buy-for whatever reason.

When combined, these two reasons make earnest money a potentially contentious issue. Home Buyers need to know as much as possible about the topic of earnest money to feel safe and secure during the real estate transaction. Sellers, too, need to know the ins-and outs of how they can be compensated by buyers who waste their time and keep their house off the active market.

Three big points regarding earnest money in Columbus Real Estate transactions. First, it is not a requirement in the State of Ohio for the buyer to put down earnest money. Second, that said, almost every residential real estate transaction in Central Ohio involves earnest money. Third, earnest money must be handled however it stated in the contract to be handled–whatever amount, in whoever’s account, to be distributed as laid out however the mutually agreed upon contract says it should.