Earnest money is an amount of money you put down to show you’re serious about purchasing a home. It’s also known as a good faith deposit.When a buyer and seller enter into a contract,
What's An Earnest Money?
Dated: November 24 2020
Earnest money is an amount of money you put down to show you’re serious about purchasing a home. It’s also known as a good faith deposit.
When a buyer and seller enter into a contract, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.
Earnest money protects the seller if the buyer backs out. It's typically around 1% - 3% of the sale price and is held in an escrow account until the deal is complete. If all goes smoothly, the earnest money is applied to the buyer’s down payment or closing costs for your Vero Beach Real Estate.
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