Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions.
If your offer is accepted the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your earnest money is returned to you. If you back out of a deal, you may forfeit the entire amount.

TitleTap

TitleTap

TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
TitleTap

Related Post

What Should I Look Out For During The Final Walk-Through? http://fwd4.wistia.com/medias/s1706mek1n?embedType=iframe&videoFoam=true&videoWidth=640 Well, as this story shows, this will likely be the first opportunity to examine the house without furniture giving you a clear view of everything. Check the walls and ceilings carefully as well as any wor...
What Does A Home Inspector Do, And How Does An Inspection Figure In The Purchase... http://fwd4.wistia.com/medias/9169yinycr?embedType=iframe&videoFoam=true&videoWidth=640 As we show you in this video, an inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will ...
What About A Home Located In A Flood Plain? http://fwd4.wistia.com/medias/5tx4hlql1z?embedType=iframe&videoFoam=true&videoWidth=640 A flood plain is an area of land adjacent to a stream or river that experiences flooding during periods of high discharge. Watch this video and it’ll make sense. If you live in a flood plain lenders w...
Don't Go At It Alone. Download The Free PDF!"10 Uncommon Questions to Ask Before Hiring a Web Designer"

All websites are not created equal! Download a free PDF with all of the questions you need answered BEFORE hiring a web designer.

Download Now