real estate closing question

[resinboy]

I have a signed contract for selling my property, and the real estate agent said we had a token down payment check from the buyer: now, I saw the check was made out to the real estate company, (4 grand) so do I get that before the closing, or do they hold on to it, so they get part of their dough up front?

 

[badmouse]

They hold onto it until closing. At closing you get your money, they get their money, the bank and everybody else gets their money, and the buyer gets the house.

It isn't yours or the realtor's, yet; it might go back to the potential buyer if something goes wrong.

 

[resinboy]

thanks for the info: wishfull thinking on my part: looking for a quasi temporary apartment, and the dough would come in handy 🙂

 

[lobadobadingdong]

indeed, it's done that way in case the buyer or seller backs out, you have until the closing signatures to back out at anytime. edit: that was from my wife, she's a realtor for Virginia Cook.