Earnest Money
What is earnest money? Earnest money is a deposit. A deposit of money used for '~good faith' in the purchase of a home. It is generally 1-3percent of the sales amount of a house. For more information please visit this web site. http://homebuying.about.com/od/buyingahome/qt/EarnestMoney.htm
Posted by mybarra on 9/5/2009
What others are suggesting
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Many home buyers and sellers are confused about the earnest money deposit. What is it, who gets it, and when? ... The Earnest Money Deposit ... This check is generally referred to as the "earnest money deposit." The basic reason for the deposit is to impress the seller that the buyer "earnestly" intends to purchase the property.
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You want the "earnest money deposit" to be large enough to show the seller you are serious, but not so large you are placing significant funds at risk. ... You might have to provide a copy of a canceled check along with a bank statement showing you had the money to begin with. Normally, this is not a problem, but if you have...
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Explains how much earnest money is required and why buyers submit good faith deposits with offers. Why are trust accounts essential and whom can a buyer trust? How does a buyer get the money back if the transaction does not close? ... Buyers always ask how much of an earnest money deposit is required. Typically, there is no...
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However, I can talk about real estate contracts (in general), the purpose for earnest money, and types of real estate agency ... Earnest money could also be called, "sincerity" money. In other words, the seller uses earnest money to determine just how sincere the buyer is about going through with the real estate deal.
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Real Estate News And Advice - Who Gets The Earnest Money Deposit? ... Answer: There is one important lesson to be learned from your experience: the earnest money deposit which a potential purchaser puts down when the contract is signed should be as large as possible.
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Answer: There is one important lesson to be learned from your experience: the earnest money deposit which a potential purchaser puts down when the contract is signed should be as large as possible.
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Earnest payment - Wikipedia, the free encyclopedia
An earnest payment (sometimes called earnest dollar, Ernest Haby or simply earnest , or alternatively a good-faith deposit ) is a deposit towards the purchase of real estate or publicly tender...
en.wikipedia.org/wiki/Earnest_payment |
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Certain misunderstandings exist regarding the purpose and proper handling of an earnest money deposit given by the buyer in a real estate transaction. In fact, disputes over forfeiture of a deposit are quite common.
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Earnest money is that consideration. The more money you put down, the more earnest you are displaying to the seller that you indeed want to buy his/her home. But how much shows good earnest?; An excellent question with no black and white answer.
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