Real Estate Terms

Earnest Money: How much? When? Why?

When we draft an offer, we will need to know the following terms;

  • Purchase Price in offer,
  • The duration of the Due Diligence Period,
  • Closing Date,
  • Financing (if any), and
  • Amount Earnest Money to be deposited when agreement is binding.

With all this, we are able to send you a pretty complete offer, but people are often stumped by Earnest Money. How much is enough? When do they get it back and under what circumstances?

 

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