Can I still call you? asked my client recently after we closed on her new Howard County, MD home.

Why, yes, of course! I will always have time for you!

I have always found closing days to be bitter sweet. Going from frequent meetings, daily texts, emails and phone calls to very little communication takes a bit getting used to. I actually find myself missing that interaction once all is settled and done and keys were exchanged. Maybe we can call it client-withdrawal syndrome  

Of course, she can still call me. In fact, I would love for her to. I want to hear how much she enjoys her new home, the personal touches she added or upgrades she made. I love to see pictures of the improvements in my email in-box, birth announcements, Christmas wishes and phone calls just because.

And if she has any questions in the future, I would be more than happy to answer those, preferably over a cup of coffee. Our buyer-broker-agency may have officially ended but our relationship has not.

Perhaps I have just been incredibly blessed but I do enjoy ongoing relationships with my clients. As a matter of fact, I'm going to meet one of them for dinner this weekend and I can't wait to catch up and find out what's new.

Can I still call you? asked my client. Of course! I would love to hear from you!

When you submit an offer on a home in the Silver Spring, MD area it is customary to include a copy of your earnest money deposit check. Just a copy .. your REALTOR® will hold on to the check until you either have a ratified contract or continue looking for your new home.

If the latter is the case, the check will be returned to you promptly. If your negotiations are successful and the Residential Contract of Sale is ratified, your earnest money deposit has to be put into an escrow account within 7 business days of ratification.

More often than not, it's the escrow account of the Real Estate Company your buyer's agent is affiliated with. Sometimes the listing agent requests for it to be put into their broker's escrow account or for it to be held at the title company.

In any case the earnest money deposit will show up as a credit to you on the settlement closing costs sheet. Thus, your cash needed to close will be reduced by the amount of your earnest money deposit.

As a side note, your lender will request a copy of your cancelled check to include in the loan package.

What happens if you never make it to the closing table?

If the contract falls apart then both sides have to sign a release form. Your agent's broker, or listing agent's broker, cannot release the deposit without it.

Should you and the seller not come to an agreement after a home inspection repair request was submitted, or there are appraisal issues or you exercised your right to declare the contract null and void after reviewing (and not agreeing with) the condo or HOA documents, then signing the release form is usually a smooth process (there are always exception to the rules).

However, if you are found (or thought to be) in default of the contract, then it can get more complicated. The seller could claim part or all of your deposit to cover his damages. A signed release agreement in this case would also release you from further liability. If either party refuses to sign and decides to litigate, then the escrow account holder would pay the entire deposit into the court.

Silver Spring, MD Home Buyer FAQ: What happens to my earnest money deposit?

Congratulations! You are under contract to purchase your new Silver Spring, MD home and have successfully completed the home inspection, negotiated repairs and are now sprinting towards closing.

But a lot has to happen still - the appraisal, final loan commitment, title work, termite inspection, utility transfers ... which usually take another 3 - 5 weeks (on average).  One of the questions that I get asked frequently by my Silver Spring, MD home buyers is if they can see the house again before closing. They want to take measurements of the rooms, take more pictures to plan furniture arrangements, perhaps meet with a contractor to get some estimates, show it off to family who is only in town for a few days ...

YES, you will get the chance to see the house one more time before closing. According to the MD Residential Contract of Sale the buyer reserves the right to inspect the property within five days prior to settlement.

This is what we call the final walk through during which we make sure that the property is vacant and free of trash and debris and in the same condition as of the date of contract ratification (or home inspection). We don't want to wait until the last minute to conduct the final walk through but the seller should have moved out completely before we do so.

The final walk through is the one visit to the property that you are guaranteed before closing. Any other visits, however, are at the discretion of the seller, he/she does not have to grant you access for any other reason.

Although more can sometimes be arranged, it is not always possible, and you should plan on taking pictures and measurements when we are at the property for the home inspection or any prior visit.

Silver Spring, MD Home Buying FAQ: Can I see the house again before closing?

A: There is no set rule or requirement, the amount of your earnest money deposit typically depends on several factors: what is customary, the buyers finances and what are the market conditions. 

In the Silver Spring, MD area a customary earnest money deposit is about 1%+ of the sales price. A low earnest money deposit can considerably weaken an offer since it doesn't show the seller that the buyer will have any skin in the game.

Just think about it, how serious will the seller think you are if you are making a $100 deposit on a $400,000 house? Yes, I almost had this happen once .. 

It's important to note that the amount of the deposit is written into the Maryland Residential Contract of Sale and only a copy of the check is submitted with the offer.

After contract ratification the check must be deposited into escrow within 7 business days. Silver Spring, MD home buyers will see their earnest deposit as a credit on the settlement sheet.

How much of an earnest money deposit you should make also depends on market conditions however. In a competitive market where buyers far outnumber sellers, a higher earnest money deposit can considerably strengthen your offer and give you a leg up over the competition.

In the Silver Spring, MD seller's market we are currently experiencing buyers got to put their best foot forward when making an offer - a higher than customary earnest money deposit can help you do just that.

Silver Spring, MD Home Buying FAQ: How much should my earnest money deposit be?