What is the timing of providing a deposit check for a home purchase offer?
As I understand there are 3 phases:
- parties verbally agree on a deal
- buyer signs a preliminary offer agreement and provides a check
- both parties sign a full purchase agreement
So, my concern is let's say I have a verbal agreement, so I fill out a written off and then have a bank check made out to the real estate agent's company and deliver it.
The problem is: what if they reject the written offer? Do they just hand me back my check? If so, this creates a problem because it is a bank check and most banks require some period of time (like 3 months) before they will cancel the check and refund me my money.