What Is Earnest Money?

Earnest money is a deposit made to the seller and basically represents a buyer's good faith to buy the home. It is sometimes considered to be a deposit on the home or an escrow deposit. If during the due diligence period the buyer wants to back out of the deal, the earnest money is usually refundable. Earnest money can vary in dollar amount, usually as low as 1% of the sale price but can be more.

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