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Earnest money is essentially a deposit a buyer makes on a home they want to purchase. A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount. Earnest money deposits can be anywhere from 1\u201310% of the sales price, depending mostly on market interest.
Who keeps earnest money?
The earnest money may be held by the seller's real estate broker, but the money may also be held in escrow by a third-party title company, lawyer, or bank. The purchase and sale contract specifies where the deposit is held.
Who gets earnest money when buyers back out?
Earnest money protects the seller if the buyer backs out. It's typically around 1 \u2013 3% of the sale price and is held in an escrow account until the deal is complete.
What is an example of earnest money?
For example, let's assume John wants to buy a home that is listed for $500,000. To show that he is serious and ready to close the deal quickly, he provides $10,000 in earnest money.
earnest money deposit format
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earnest payment | Wex | US Law | LII / Legal Information Institute
An earnest payment is money set-aside into an escrow account after a home buyer and seller sign a sale contract. Setting aside money ensures the seller that ...
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