Wondering how much earnest money to put down on a Summerlin home, and when it could become non-refundable? You are not alone. If you are buying your first place or relocating to Las Vegas, the deposit rules and timelines can feel unclear. In this guide, you will learn what earnest money is, typical Summerlin amounts, key deadlines, and smart ways to protect your funds from day one. Let’s dive in.
Earnest money, simplified
Earnest money is your good-faith deposit that shows a seller you are serious. In Summerlin and across Nevada, it is placed with a neutral third party, usually the title or escrow company named in your purchase contract, or a broker trust account.
- It helps secure the contract and can be a seller’s protection if a buyer defaults.
- If you close, it is applied to your purchase price or closing costs.
- If you cancel within a valid contingency, it is typically returned per the contract instructions.
Local practice in Clark County often follows Nevada REALTORS purchase agreement language and standard escrow procedures. The exact steps are spelled out in your signed contract.
How much to offer in Summerlin
There is no single correct amount. Your deposit is part of your negotiation strategy and should reflect your comfort level and how competitive the listing is.
Typical Summerlin ranges:
- Entry or more affordable homes: often a flat $1,000 to $5,000.
- Mid-range homes: about $5,000 to $15,000, or around 1 percent of the price.
- Higher-priced or highly competitive homes: about 1 to 3 percent of the price, sometimes more to strengthen an offer.
What influences your amount:
- Price point and days on market.
- Competing offers and whether you are waiving contingencies.
- Your proof of funds and lender pre-approval strength.
- Your risk tolerance and how quickly you can meet deadlines.
Your earnest money timeline
Most contracts in Clark County set clear deposit and contingency windows. Review your exact dates and deliver all notices in writing.
- After acceptance
- You usually deliver the deposit within 24 to 72 business hours. Many contracts say within three business days.
- Where it is held
- Funds are held by the title or escrow company handling closing, or a designated trust account. Ask for wiring instructions only from verified sources and confirm details by phone.
- Receipts and tracking
- You should receive a written escrow receipt showing the amount, date, and where funds are held. Your agent and lender will track how the deposit is applied at closing.
- How it is applied or returned
- If you close, the deposit is credited on your closing statement. If you cancel within a valid contingency, escrow returns it per the contract. If you default without a valid excuse, the seller may be entitled to the deposit as liquidated damages if your contract provides that remedy.
Contingencies that protect you
Contingencies are clauses that let you investigate the home and your loan so you can cancel without penalty if something does not align with your contract.
Common contingency windows:
- Inspection: often 5 to 10 business days after acceptance. You can inspect, request repairs or credits, or cancel within the inspection period if allowed by your contract.
- Financing: commonly 17 to 21 days, depending on lender and contract terms. If your lender ultimately denies the loan despite your good faith, a financing contingency can protect your deposit.
- Appraisal: protects you if the appraised value is below the price. You may renegotiate or cancel if your contract allows. Waiving appraisal adds risk and can expose your deposit.
- HOA and CC&R review: many Summerlin homes are in HOAs. Buyers typically have 5 to 10 days to review budgets, rules, assessments, and documents.
- Title review: you can review the title report and raise objections within the contract timeline.
Each contingency needs clear deadlines and instructions for how you give notice. Keep everything in writing and within the stated time frames.
When your deposit becomes non-refundable
Earnest money is usually refundable while your contingency windows are open and you take action on time. It becomes at risk when you waive protections or miss deadlines.
Triggers that put your funds at risk:
- You let a contingency expire without extending, then cancel later without a valid contract excuse.
- You remove a contingency in writing, then attempt to cancel for a reason covered by that contingency.
- You default on the contract, for example by failing to close on time without a valid contingency, and your contract includes liquidated damages language.
- You waive key protections, such as appraisal or inspection, to be more competitive.
Protections and exceptions that can return your deposit:
- Seller fails to meet obligations, such as providing clear title or required disclosures.
- You cancel within a valid contingency window and deliver proper notice in the form the contract requires.
- Both parties sign a mutual cancellation that instructs escrow to release funds.
If there is a dispute about the deposit, the escrow holder may retain funds until it receives mutual written instructions, or it may interplead the funds to a court. Many contracts include mediation or arbitration provisions for dispute resolution.
Smart strategies to protect your deposit
An experienced Summerlin buyer’s agent helps you stay competitive without taking unnecessary risk. Here is how.
- Right-size the deposit: Choose an amount that looks strong for the price band and competition, but that also fits your risk tolerance and contingency plan.
- Align timelines with reality: Set inspection, financing, appraisal, HOA, and title windows that align with your lender and inspector schedules, especially if you are relocating.
- Use precise notice terms: Make sure the contract clearly states calendar dates, how notices are delivered, and what counts as acceptance.
- Confirm escrow details: Verify the title or escrow company named in the contract and get written confirmation of your deposit.
- Extend before you expire: If you need more time, use an amendment to extend deadlines before they pass.
- Coordinate with your lender: Secure a strong pre-approval and clear appraisal expectations for Summerlin neighborhoods.
- Consider caps and holdbacks: Where appropriate, negotiate a cap on liquidated damages or clear return conditions.
- Strengthen without overexposing: Use a strong pre-approval and proof of funds to make a lower deposit more competitive.
- Document everything: Keep written records of inspections, notices, and communications to avoid disputes.
- Engage local expertise: For unusual title items, HOA litigation, or builder contracts, consult experienced Clark County title professionals.
Examples:
- Buyer A, relocating with a strong pre-approval, offers $10,000 earnest money with a 10-day inspection and 21-day financing contingency. Inspections are booked within 48 hours and underwriting is targeted to finish inside the contingency window, which protects the deposit.
- Buyer B, a first-time buyer with limited cash, offers $5,000 earnest money and negotiates an increase at counter acceptance to show commitment while managing initial outlay.
Special notes for relocating buyers
If you are buying from out of state, plan for a bit more lead time and coordination.
- Lock your pre-approval early and align financing deadlines with underwriting milestones.
- Pre-schedule inspections as soon as the offer is accepted to keep the 5 to 10 day window on track.
- Request HOA documents immediately and set aside time to review budgets, CC&Rs, and rules.
- Confirm wire instructions with escrow by calling a verified phone number and keep receipts for every step.
What to do next
- Decide on a deposit range you are comfortable risking based on the price band and competition.
- Get a strong lender pre-approval so you can rely less on a larger deposit to look competitive.
- Set realistic contingency windows for inspection, financing, appraisal, and HOA review.
- Choose an escrow or title company listed in the contract and confirm deposit instructions in writing.
- Track all dates and notices in a shared timeline with your agent and lender.
Ready to put a strong Summerlin offer together and protect your deposit at every step? Connect with Joey Andron for senior-level guidance and a clear plan from offer to closing.
FAQs
How much earnest money should I offer in Summerlin?
- Common practice is $1,000 to $5,000 for lower-priced homes, around 1 percent or $5,000 to $15,000 for mid-range, and about 1 to 3 percent for higher-priced or very competitive listings.
How quickly do I need to deposit earnest money after acceptance?
- Many contracts require delivery within 24 to 72 business hours, often stated as within three business days, so confirm your exact contract deadline.
Who holds the earnest money in a Summerlin purchase?
- Usually the title or escrow company that is handling the closing, or a designated broker trust account, as specified in your contract.
What makes earnest money non-refundable in Nevada deals?
- Missing or waiving contingencies, defaulting without a valid contract excuse, or triggering a liquidated damages clause can put your deposit at risk.
Can I negotiate the earnest money amount and terms?
- Yes, you can negotiate the amount, where it is held, contingency deadlines, and remedies for default as part of the purchase contract.
What happens if the buyer and seller dispute the deposit?
- Escrow may hold funds until it receives mutual written instructions, or it may interplead the funds to a court, and contracts often include mediation or arbitration paths.
