[WSBARP] Option payment when applied to downpayment

[Craig Blackmon]

Listmates, I’ve made the tactical decision to ask the proverbial “dumb
question” for a quick answer rather than investing the time to figure it
out myself.  Thanks for your tolerance in this regard…

 

Generally speaking (and consistent with MLS forms) some or all of the
consideration paid for an option can be applied either to the down payment
or to the purchase price at closing.  Practically speaking, what’s the
difference?  If down payment, must the funds be held in escrow, and/or
actually deposited into escrow by the seller prior to closing?  And if to
purchaser price, can it simply be a credit on the settlement statement,
such that the seller can consume the funds in the meantime?  That’s my
assumption…

 

Thanks again.

 

Craig

 

Craig Blackmon

Of Counsel Attorney at Law

 <http://lawhg.net/> Holmquist & Gardiner, PLLC

1000 2nd Avenue, Suite 1770 Seattle, WA  98104

Main: (206) 438-9083   Direct:   <tel:%28206%29%20694-4601> (206) 438-9295
Cell: (206) 369-5949   Fax:  <tel:%28206%29%20694-4601> (206) 694-4601

 

Founder and Principal of  <http://quillrealty.com/> Quill Realty

Smarter Service. Stronger Protection. More Savings.

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