Requesting Earnest Money through the Tidal Money platform is easy and organized!
Users of any type within the Tidal Money platform can easily request Earnest Money as long as they have a Purchase & Sale Agreement (PSA) in place.
Earnest money is a payment made to the seller as a gesture of good faith from the buyer, indicating their intention to purchase a property, such as a new home.
Regardless of the type of user, whether they are sellers, real estate agents, or title agents, the process for requesting earnest money remains the same. This flexibility is designed to accommodate the various ways in which a property can be sold.
After the request for the earnest money has been submitted, the different user types have specific tasks which need to be accomplished before the banking transaction can be completed.
Here is how the process works:
- Title Agent will review & approve the funding request
- Upon approval, the Buyer or appropriate parties review
- Once reviewed and approved the Funding Request will be submitted by the final approver
- Tidal Money will then complete the banking transaction
- Tidal Money will then start a file for the close in the Title Company's software system of record.