“EARNEST MONEY”
Earnest money, also known as a good faith deposit, is a sum of money put down to demonstrate a buyer’s seriousness about buying a home. When purchasing a high demand property, a considerable good faith deposit can compel the seller to select one offer over another. Parties in a home sale can agree to apply earnest money to the buyer’s down payment or closing costs. The amount of earnest money to offer varies based on the market and house’s condition. Ultimately, the best way to determine a reasonable good faith deposit is to speak with an experienced real estate agent. He or she will assess the property and look at market factors before coming up with a figure.
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