Congratulations on having your offer accepted by the seller – now it’s time to drop off the deposit check! The Louisiana Mandatory Purchase Agreement requires the check to be dropped off within 72 hours of execution.
We will email you all the necessary information you need regarding the amount, who it should be made out to, and where it should be dropped off. For added security, make sure to write the address of the property in the “For” line of your check, then take a picture with your smartphone for reference. Seal your check in an envelope, writing Deposit Check for (insert property address) and your name on the outside. Generally, the check should be dropped off at the office of the seller’s Realtor during normal business hours; but if that’s not a possibility, keep an eye out for drop boxes near the front door instead. Be sure to text us a picture of the check and let us know when you have dropped it off so we can also alert the seller’s agent.
Keep in mind that paper trails are essential when making payments like these – so personal checks might not cut it anymore. Cashier’s checks or money orders can act as acceptable replacements if you’re feeling apprehensive about using a personal cheque. Just make sure NOT to pay with cash!
Finally, remember that this deposit check will be cashed at some point – and you’ll get this amount back at closing with a check from the seller’s listing brokerage that you will endorse over to the Title Company. Don’t forget to drop it off within 72 hours – otherwise, you could risk breaching the contract and giving sellers their right to cancel!
Next, Step 9: Attend The Home Inspection
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