order to have a valid contract in Colorado, the purchaser as
"consideration" to bind and insure the performance
of the contract must tender something of value. This consideration
is usually in the form of money (cash, personal check, promissory
note, etc.) Needless to say, the purchaser will try to give
as little money as possible.
is my position that we should try to get as much "earnest
money" as reasonably as possible. We need to "make
it hurt" should the buyer either default, misrepresent,
or fail to perform per contract. However, if it should it be
the case, it is my opinion that the amount of earnest money
should be the last consideration as to whether an offer is accepted,
counter proposed, or rejected.
holds earnest money in its non-interest bearing trust account.
It can be disbursed only with the expressed written permission
of the purchaser and seller. In the event of a dispute, RE/MAX
Northwest reserves the right to interplead these monies to the
courts pursuant to Item 17 of the Colorado approved contacts.
RE/MAX Northwest reserves the right to keep up to 50% (not to
exceed the amount of the commission) of any earnest money retained
by the seller.