Business, Legal & Accounting Glossary
A deposit paid by a buyer to a seller to demonstrate intention to complete the purchase.
We got the earnest money and that was good because it meant that we would be completing the purchase soon.
My realtor friend tells me that when buying a home people frequently forget about how quickly they would need to have access to earnest money.
When we signed the contract to purchase our house, my wife and I agreed to pay the buyer a fee of $5,000 as earnest money to demonstrate our eagerness to buy the house.
good faith deposit
escrow contract
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This glossary post was last updated: 30th October, 2021 | 0 Views.