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Good Faith Deposit Agreement We require a good faith deposit of $750 for our underwriter to review your loan request package. It will be applied toward the cost of ...
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What is good faith deposit agreement?
A good faith deposit agreement is a contract between a buyer and seller that outlines the terms and conditions of a deposit being made towards the purchase of a property.
Who is required to file good faith deposit agreement?
Typically, both the buyer and seller are required to sign and file the good faith deposit agreement.
How to fill out good faith deposit agreement?
To fill out a good faith deposit agreement, both parties must include their names, contact information, the amount of the deposit, the terms of the agreement, and any conditions that need to be met for the deposit to be refunded.
What is the purpose of good faith deposit agreement?
The purpose of a good faith deposit agreement is to show that the buyer is serious about purchasing the property and is willing to put down a deposit as a show of good faith.
What information must be reported on good faith deposit agreement?
The good faith deposit agreement must include the names of the parties involved, the amount of the deposit, the terms of the agreement, and any conditions for refunding the deposit.
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