Earnest Money - What Is It & Why You Need To Know About It
Technical terms like earnest money, option fee, down payment, escrow, etc. may feel intimidating to the first-time home buyer.
What follows here is everything you need to know about...
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It is the sum of money the buyer deposits to get into a purchase agreement with the seller. It is also called a “good faith deposit.”
What is Earnest Money?
Earnest money essentially works as an assurance to the seller for his consideration of the buyer’s offer.
What Role Does Earnest Money Play?
You can get into a purchase contract without it. However, you’ll be in default if you don’t deposit the earnest money within the time frame specified in the contract.
Is Earnest Money Required?
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on how to pay earnest money, how much is recommended, and the difference between earnest vs. option money.
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