Скачать или смотреть Earnest deposit and time off market fees: What these means in Albuquerque's real estate

Earnest deposit and time off market fees: What these means in Albuquerque's real estate

(Transcript Snippet): "Tego:
I want to talk about time off market fees and earnest money. You know, we had somebody here in the office and we were talking about it and they were, I could see they're just kind of scratching their head. Cause we were kind of talking, you know, you know how in our business, we start talking this lingo and we start talking about stuff and like, well, what's the earnest money was time time-bound park at fi well, let's talk about it. Let's define them, Tracy.
Tracy:
So time off market fee is something that's relatively newer to our market, right? In a lot of states, a time off market fee is not that uncommon or it's very, very common. So
Tego:
Can I just, can I just say something about that? If you are from another market or if you've heard of it, you may hear things called, um, option money or option fee or something like that. Basically the same thing, we just call it time off market fee here in New Mexico.
Tracy:
One of the things we do is that lingo thing we sling around the lingo, which is Tom. So we call it the Tom fee, which is time off market, conveniently Tom, right? People go Tom fee. And then, you know, we're really confusing our clients and the public. So time off market fee versus earnest money Tigo. Yeah. Time off market, uh, is a payment from a buyer directly to a seller being offered on a purchase agreement to take that house off the market, to give them some time to do their due diligence. And it's non-refundable and it's just literally saying, Hey, I'll give you this much money direct to the seller, no strings attached just for you to accept my offer, take your house off the market and give me time to do my due diligence and make sure I'm comfortable with the house and for the seller.
Tego:
Well, let me just, yeah, let me just ask, is that that money is that money credited to the buyer at closing like earnest money.
Tracy:
So typically the actual time off market fee itself, if you use the right forms and things is not credited to the buyer at all. Okay. However, we have seen people put that in addendums or amendments or, you know, make it so that maybe there is some sort of credit it could be, but the actual form itself does not the format it's in, in set up to do. Doesn't give credit to the buyer. That's just money. The buyer has given to the seller, regardless of the outcome, there's just no credit for it, but it it's, you know, something to make the seller feel good about taking their house off the market
Tego:
And anybody that's done new commercial real estate is probably pretty familiar with this concept. It's usually called option money or option fee,

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
[email protected]