How Can We Help?
< All Topics

What is an earnest money deposit?

Earnest money is put down before closing on a house to show you are serious about purchasing. It is also known as a good faith deposit. … Earnest money protects the seller if the buyer backs out. It is typically around 1% – 3% of the sale price and is held in an escrow account until the deal is complete.

Previous What is a Home Inspection?
Next What should I repair or replace when preparing to sell my home?
Table of Contents