Augusta
VIP Contributor
Earnest money deposit is a good faith deposits which is the initial funds that a buyer put down as the property seller accepts the buyer’s offer.
This is to indicate seriousness from the buyer. this money to be deposited by the buy varies it can within 1 to 5 percent of the total selling price of the property.
So what are the benefits of Earnest money deposit in real estate contract
Earnest money is a kind of insurance for both parties involved in the transaction.
The deposit will lower the amount to be paid by the buyer at closing as it will substrated from the closing costs.
The buyer is putting up some of the buying money earlier in the transaction
This is to indicate seriousness from the buyer. this money to be deposited by the buy varies it can within 1 to 5 percent of the total selling price of the property.
So what are the benefits of Earnest money deposit in real estate contract
Earnest money is a kind of insurance for both parties involved in the transaction.
The deposit will lower the amount to be paid by the buyer at closing as it will substrated from the closing costs.
The buyer is putting up some of the buying money earlier in the transaction
