Closing Escrow

When purchasing a home, a certain amount of money, known as a down payment, is required. The larger the down payment you make towards the overall price of the home, the quicker you can pay it off and the lower your monthly mortgage payments will be. This payment is applied towards the cost of the home, and if the sale falls through, you may be entitled to a full refund of your deposit, less any cancellation fees. However, the seller may also be able to keep this money as liquidated damages if the buyers contingencies have been removed. It is important to discuss these details prior to submitting your offer on a home.