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.

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What follows here is everything you need to know about... EARNEST MONEY.

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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.”

Earnest money essentially works as an assurance to the seller for his consideration of the buyer’s offer.

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.

SWIPE UP to read the full post on how to pay earnest money, how much is recommended, and the difference between earnest vs. option money.

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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... EARNEST MONEY.

SWIPE UP TO SEE THE FULL ARTICLE OR KEEP READING THE HIGHLIGHTS

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?

SWIPE UP to read the full post on how to pay earnest money, how much is recommended, and the difference between earnest vs. option money.

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