Wondering how much earnest money to put down in Glenview and whether you can get it back? You are not alone. First-time and relocating buyers often worry about losing their deposit or missing a deadline. In this guide, you will learn how earnest money works on the North Shore, who holds it, typical amounts in Glenview, and what timelines protect your funds. You will also get step-by-step tips to keep your deposit safe from wiring mistakes and fraud. Let’s dive in.

Earnest money basics in Illinois

Earnest money is a good-faith deposit you make after a seller accepts your offer. It shows you are serious and is credited toward your closing costs or down payment at closing. The size, handling, and refund rules are set by your written purchase contract.

Illinois does not have a single statute that dictates earnest money rules. Contracts and common law control. In Cook County, buyers and sellers commonly use standard forms from the Illinois Association of REALTORS and local Chicago-area addenda. These documents set deadlines, name the escrow holder, and explain when the deposit is refundable or forfeited.

Your contract is the rulebook. It outlines where funds are deposited, how quickly you must deliver them, which contingencies apply, and how disputes are handled if something goes wrong.

Who holds your deposit in Glenview

On the North Shore, the escrow holder is named in the contract. In many Glenview deals, one of these parties holds the funds:

• Listing brokerage trust account
• Title or escrow company with a Chicago-area office
• Real estate attorney (less common for routine deposits)

If the contract names a title company, you will usually wire or deliver funds directly to that company. If it names the listing brokerage, your agent may deliver a check to the brokerage’s client trust account. Policies differ by company, so ask when funds are deposited and what receipt you will receive.

Practical steps:

• Get a written receipt that shows the amount, date received, and the escrow holder’s name.
• Ask whether the money sits in an interest-bearing account and who receives any interest. Many deposits do not earn interest for buyers.
• Confirm “good funds” requirements for delivery. Title companies and banks often require certified funds or verified wires.

How much earnest money in Glenview

Deposit size depends on price point, market heat, financing, and property type. There is no legal rule. Local practice guides expectations.

Typical North Shore ranges for single-family homes:

• Balanced market: $1,000 to $5,000, or roughly 1 percent on mid-range homes.
• Competitive or multiple-offer market: Often 2 to 5 percent of the purchase price, or larger flat deposits such as $10,000 or more.
• Higher-end properties: Frequently 2 to 5 percent, scaled to price. Cash buyers may offer more to stand out.

Examples:

• Balanced Glenview purchase at $425,000: About $1,500 to $4,000 (roughly 0.35 to 1 percent).
• Competitive offer at $425,000: About $8,500 to $21,000 (roughly 2 to 5 percent).
• $1,000,000 North Shore home: About $10,000 to $20,000 in a balanced market, and $20,000 to $50,000 when competition is high.

Your strategy should match market conditions and your financing. A larger deposit can strengthen your offer in a tight market, but only if you are confident about timelines and contingencies.

Timelines and contingencies that protect you

Your deposit is usually refundable if you cancel within a valid contingency period and follow the notice rules in your contract. Watch these key timelines:

• Deposit delivery: Often due within 24 to 72 hours of acceptance. The contract will set the exact deadline and whether it uses business or calendar days.
• Inspection period: Commonly 7 to 10 days in Glenview, with a broader range of 5 to 14 days. You can inspect, request repairs or credits, or cancel within this window per the contract.
• Financing contingency: Often 21 to 30 days for loan approval, which usually includes the appraisal timeline.
• Appraisal review: The appraisal is typically ordered soon after acceptance and should be completed within the financing period. If the appraisal is low, you may renegotiate, add cash, or cancel if allowed by your financing or appraisal contingency.
• Title review: You will receive a title commitment and have a set period to object to defects. The seller often has a short “cure” period to resolve issues.

Read the exact language. Whether the clock runs on business days or calendar days can change when your money becomes non-refundable.

When your deposit is refundable

Your earnest money is generally refundable if you:

• Cancel within the inspection period under the contract’s procedures.
• Are denied financing within the financing contingency period and follow notice requirements.
• Object to title defects as allowed and the issue is not cured.
• Face a seller default, such as failure to deliver marketable title.

Your deposit can be at risk if you miss deadlines or cancel for reasons not allowed by the contract. Many contracts treat earnest money as liquidated damages if a buyer defaults, subject to any required arbitration or court process.

At closing, your deposit appears as a credit on the settlement statement. It is applied to your down payment or closing costs.

How to protect your deposit and avoid wire fraud

A few simple habits go a long way in Glenview transactions:

• Confirm instructions by phone. Call the title company or brokerage using a published, trusted phone number before sending any wire. Do not rely on email alone.
• Beware last-minute changes. Treat any new wiring instructions as suspicious. Re-verify by phone.
• Deliver funds on time. Mark your deposit deadline and send funds early enough for verification.
• Get a receipt. Save a dated escrow receipt and keep wire confirmations or images of the deposited check.
• Match contingencies to reality. Coordinate with your lender and inspection team so your inspection, appraisal, and loan approval can be completed within contract windows.
• Follow notice rules. Deliver inspection and financing notices exactly as the contract requires and within the stated time periods.

Tips for sellers holding buyers accountable

Sellers benefit from clear records and consistent process:

• Confirm the deposit was received and keep the receipt.
• Know your remedies if a buyer defaults and how your contract handles liquidated damages.
• Follow brokerage and title company procedures for releasing funds. Many escrow holders will require a signed mutual release or a court or arbitration order.
• Avoid releasing funds early without proper documentation.

Glenview scenarios to make it real

Scenario 1: First-time buyer in a balanced market. You offer on a Glenview home listed at $425,000. You agree to deposit $3,000 within 48 hours of acceptance. Your inspection period is 10 days. Your financing contingency is 25 days. You schedule inspections right away and your lender orders the appraisal within the first week. If inspections reveal issues you cannot resolve, you send a timely notice to cancel within the inspection window and receive your deposit back. If all goes well, your $3,000 appears as a credit on your closing statement.

Scenario 2: Multiple offers in a competitive pocket. You are competing for a well-priced Glenview property. You increase your deposit to 3 percent, structured in one installment within 48 hours. You keep a 10-day inspection and a 21-day financing contingency. The higher deposit helps your offer stand out, but you remain protected because you can terminate within contingencies if needed. You verify wiring instructions by phone before sending funds to the named title company.

Scenario 3: Higher-end North Shore purchase. You are under contract on a $1,000,000 home. You and the seller agree to a $30,000 deposit due within 72 hours. Your contract allows 10 days for inspections and 30 days for loan approval. If the appraisal comes in low and the seller will not adjust the price, you can make up the difference or cancel within your financing window and recover your deposit, as allowed by your contract.

Work with a local advisor you trust

Earnest money is simple once you know the rules. The key is precise timing, clean documentation, and a contract that fits your situation. A local team can help you size your deposit for today’s Glenview market, set realistic contingency windows, and negotiate repairs or credits based on a clear understanding of a home’s condition.

If you would like a calm, step-by-step plan for your next North Shore move, reach out to Matt Brugioni & Susan Duffey for a personalized consultation.

FAQs

Who typically holds earnest money in Glenview?

• The contract names the escrow holder, often the listing brokerage’s trust account or a title company. Practices vary by transaction.

How much earnest money should I offer in a Glenview purchase?

• In a balanced market, $1,000 to $5,000 or around 1 percent is common. In competitive settings, 2 to 5 percent is typical to strengthen an offer.

When is earnest money refundable in Illinois North Shore deals?

• It is generally refundable if you cancel within a valid contingency period, such as inspection or financing, and deliver notice as the contract requires.

What happens to my earnest money at closing?

• Your deposit appears as a credit on the closing statement and is applied to your down payment or closing costs.

How fast must I deliver the deposit after my offer is accepted?

• Most contracts require delivery within 24 to 72 hours of acceptance. Check your exact deadline and whether days are business or calendar.

What if the seller and I disagree about who should get the deposit?

• The dispute process in your contract controls. Many agreements require arbitration through a REALTOR association or a court order before funds are released.