Real Estate Terms Glossary
What is an Earnest Money Deposit?
The earnest money deposit is a partial payment that buyers make for the home or property they are about to purchase. Did you know that the earnest money deposit forms part of most real estate contracts? Also, on average, buyers hand over the earnest money soon after their offer has been accepted. In most cases, it is usually between 24 and 48 hours.
So, an earnest money deposit can be defined as a good faith deposit that shows to the seller that the homebuyer is serious about purchasing the home.
Examples of Earnest Money Deposits
- Example 1: House deposits
- Example 2: Good-faith deposits
Here’s Investopedia’s definition of an Earnest Money Deposit .
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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