When you select a home and enter into a purchase contract, the seller may withdraw the house from the market. Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home.
In most cases, serious currency will act as a deposit for the assets you are looking to buy. You deliver the count when finalizing the acquisition contract or perhaps the sales deal. It can also be area of the offer. The vendor and customer indication a binding agreement you to definitely describes the brand new criteria from refunding earnest currency.