Earnest money is a deposit a buyer pays to show they’re serious about purchasing a property. It’s usually held in escrow and later applied toward the down payment or closing costs if the sale goes through. If the buyer backs out without a valid reason, they may lose the deposit.
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R
1 week agoEarnest money is a payment made by a prospective buyer as proof that he intends to buy the property. The earnest money deposit is generally held in escrow until the transaction is finalized, and it is subtracted from either the buyer’s down payment or closing costs.
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1 week agoEarnest money is the deposit made by the buyer in order to demonstrate their seriousness regarding the purchase of a certain property. Usually, earnest money is placed into escrow and used to cover the costs incurred during the process. In case the buyer pulls out without a legitimate cause, the deposit might be forfeited.
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