- Earnest money is just money you put down as a good-faith gesture that you’re serious about buying a house. Typically it’s 1-5% of the purchase price. While you wait to close on your house, the money is deposited into an escrow account with the seller’s broker, title company or escrow company.
- Earnest money is money paid upfront to show the “earnestness” of the buyer. It is being deposited into an escrow account. It’s paid by the buyer to ensure the seller is compensated if the buyer backs out from the deal after the buyer’s due diligence period ends.
- #1. Losing Your Earnest Money Deposit When You Waive Contingencies in Your Contract. Most real estate purchase contracts include contingencies. Contingencies are clauses in your contract that describe events that need to happen for the transaction to go through, like financing and inspections.
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