What is Earnest Money?
Posted by Mellanda Reese on Monday, January 2, 2023 at 9:06:53 AM
By Mellanda Reese / January 2, 2023
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What is earnest money?
Earnest money are the funds you put down when you find that house and you want to make an offer.
It's kind of like a good faith deposit, it's something that says that you're going to fulfill your end of the bargain or your end of the contract in a timely manner according to the terms of the contract.
It also says that you have every intention of purchasing the property but it also stands that you can lose your earnest money if you don't.
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