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FAQ's Home Selling Home Selling What is earnest money?
FAQ's Home Selling Home Selling What is earnest money?
What is earnest money?
- Date added:
- Thursday, 07 May 2009
- Last revised:
- Friday, 12 June 2009
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When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is full acceptance of the offer. Typically, an earnest money is 3-5% of the offer amount. When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is full acceptance of the offer. Typically, an earnest money is 3-5% of the offer amount.
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