Ohio title insurance policies are often an issue in real estate closings. If we are lucky, we might get it a month or two later. In many cases, the insurance company delivers a policy different from what the title company agreed to in the title commitment. As experienced Ohio real estate lawyers, we know how to get the title insurance company to give us the policies promised to us.
Q: What is an earnest money deposit?
This is a deposit that occurs when you give money to the title insurance company that says you are serious about entering into the deal. Typically, if the deal goes through, then at the end of the deal the property is purchased or the earnest money deposit goes back to the buyer.
However, there are scenarios where the seller may be able to keep the costs depending on the terms of the contract. The Earnest Money Deposit is meant to be a protection for the Seller in the event the Buyer refuses to go through with the transaction for something outside of what is accounted for in the contract.
Whether or not a deposit is required is a matter that can be negotiated. In the vast majority of transactions, there is earnest money being deposited.