Buying in Kirkland and getting ready to write an offer? Your earnest money is a small part of the price, but it carries big weight in how strong your offer looks and how protected you are. The right amount and timing can help you win in a competitive Eastside market while keeping your risk in check. In this guide, you’ll learn how much buyers typically put down in Kirkland, when it’s due, who holds it, when it’s refundable, and smart strategies to use. Let’s dive in.
Earnest money basics
Earnest money is a good faith deposit that shows the seller you are serious. It is credited to you at closing, usually toward your down payment or closing costs. The amount is negotiable and shaped by market conditions, price point, and the terms in your offer. Your purchase agreement sets the exact amount and the deadline.
How much in Kirkland
On the Eastside, buyers often use a percentage as a starting point and adjust for competition.
- Common range: about 1 to 3 percent of the purchase price.
- Flat amounts: several thousand dollars are common, with five-figure deposits on higher-priced homes.
- In multiple-offer situations: you may see larger deposits, sometimes $10,000 to $50,000 or more, depending on price and demand.
The right number balances strength with safety. A larger deposit can make your offer stand out, but it also increases your exposure if you later default. Discuss the trade-offs with your agent for your specific neighborhood and price point.
A quick example
If you offer $1,500,000, 1 percent equals $15,000 and 3 percent equals $45,000. Your agent can help you calibrate within or beyond that range based on competition.
When your deposit is due
Your contract controls the deadline. Many offers require delivery upon mutual acceptance or within a short window, often 24 to 72 hours. The language may read “due upon mutual acceptance” or “due within X business days after mutual acceptance.” Always check the exact wording and calendar the due date the moment your offer is signed around.
If you miss the deadline, you risk being in default. Ask your agent and escrow for the best way to meet the timeline, especially if you are sending a wire and bank cutoff times apply.
How to deliver funds
Most buyers deliver earnest money in one of these ways:
- Wire transfer to the escrow or title company.
- Cashier’s check delivered to escrow.
- Deposit to a broker’s trust account if allowed by the contract.
If you wire funds, protect yourself from fraud. Verify wiring instructions by calling the escrow or title company using a known, independently confirmed phone number. Do not rely on email-only instructions. Ask for a written receipt or confirmation once funds are received and keep it with your records.
Who holds your deposit
Your contract identifies the holder of the funds.
- Escrow or title company: most common in Kirkland closings.
- Listing broker trust account: sometimes used until escrow is opened.
- Buyer’s broker trust account: less common, but possible by agreement.
Funds are kept in a trust or escrow account, separate from operating funds. Whether the deposit earns interest depends on the escrow holder’s policies and your contract instructions. Ask your escrow officer how any dispute over release would be handled.
When it is refundable
Earnest money is typically refundable when you exercise a contract contingency on time and in the manner the contract requires. The key is meeting deadlines and providing proper written notice.
Inspection contingency
You can inspect and, if needed, terminate within the inspection period if the results are unacceptable. To protect your deposit, you must follow the contract steps and deliver any notice within the inspection timeline.
Financing contingency
If you cannot obtain financing as specified, and you comply with the loan approval and notice requirements in the contract, the deposit is generally refundable.
Appraisal contingency
If the appraisal comes in below the contract price, your contract may allow options like renegotiation or termination. Whether your deposit is returned depends on the specific language and timely notices.
Title contingency
If a title issue cannot be resolved within the allowed periods, you may terminate and recover the earnest money per the contract’s terms.
Sale-of-home contingency
If your purchase depends on selling your current home, the contract outlines timelines and notices. If those are met and the condition is not satisfied, your deposit is usually returned.
Deadlines and notices
Contingencies only protect you if you act before they expire. Missing a deadline or failing to give written notice can convert a protected position into one that risks forfeiture. Calendar every date and confirm how notices must be delivered.
When you could lose it
There are real risks that can lead to forfeiture of your earnest money:
- You remove key contingencies early, then do not close.
- You miss a contingency deadline or fail to deliver required written notice.
- You otherwise breach the contract after protections are removed.
Escrow cannot release funds without proper authorization. If there is a dispute, funds may be held until both parties sign a release or an arbitration or court order directs distribution.
Smart strategies in Kirkland
You can write a competitive offer while managing risk by using a thoughtful structure.
- Calibrate your deposit: enough to be taken seriously, not so large that it creates undue risk.
- Keep key protections: pair a larger EMD with intact inspection, appraisal, and financing contingencies when possible.
- Shorten, do not waive: consider shorter contingency periods rather than removing them entirely.
- Use conditional concessions: if you offer a partial non-refundable feature, tie it to a milestone, such as after a clean inspection or appraisal.
- Track every date: calendar due dates and notice methods the moment your offer is accepted.
- Confirm funds movement: verify wire instructions by phone and obtain receipts.
Buyer checklist
Use this quick checklist as you prepare your offer and once it is accepted:
- Ask your agent what EMD amount is customary and competitive for this Kirkland neighborhood and price range.
- Confirm the exact due date and to whom the EMD must be delivered.
- Identify who will hold the deposit and get a written receipt from escrow or the broker.
- Use secure transfer methods and verify wiring instructions by phone with known contacts.
- Calendar all contingency deadlines and the required notice format.
- Discuss inspection, financing, and appraisal strategies to protect your EMD while staying competitive.
- If the deal will not move forward, send the required written notice immediately to preserve your refund rights.
Work with a local advisor
Kirkland’s market can be fast, and small details carry big consequences. A precise earnest money plan can help you stand out without taking on unnecessary risk. If you want a tailored offer strategy and clear deadlines from day one, work with a boutique Seattle-based advisor who manages the process end to end. Ready to compete with confidence? Work with Portia at Strong Properties for one-on-one guidance.
FAQs
How much earnest money is typical for a Kirkland purchase?
- Many buyers use about 1 to 3 percent of the price, with higher flat amounts common on the Eastside when competition is strong.
When is earnest money due for a Kirkland home offer?
- Your contract controls the deadline, often upon mutual acceptance or within 24 to 72 hours, so calendar the specific date stated in your agreement.
Who usually holds earnest money in a Kirkland transaction?
- Most deposits are held by the escrow or title company named in your contract, though a broker trust account may hold funds in some cases.
When is earnest money refundable after an inspection in Kirkland?
- If you terminate within the inspection period and deliver written notice as required by the contract, the deposit is generally returned.
What happens to earnest money if my financing falls through in Kirkland?
- With a financing contingency and proper notices, your deposit is typically refundable if you cannot obtain the loan as specified in the contract.
How can I avoid wire fraud when sending earnest money in Kirkland?
- Call the escrow or title company using a known phone number to verify wiring instructions, then obtain a written receipt when funds are received.
