Earnest Money Deposit Check

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The earnest money deposit is an important part of the home buying process. It tells the seller you’re a committed buyer, and it helps fund your down payment. Without earnest money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. sellers rarely accept offers without deposits.

The first of many checks you write throughout the process of buying a home may be one of the most important: your earnest money deposit. Also known as "hand money," this deposit lends sincerity to you…

Be reasonable—too high a figure could scare away potential buyers. Often an earnest money deposit is a check held by a seller’s Realtor in good faith, but it’s not cashed. “One way sellers can protect …

Earnest money is a deposit a buyer gives to a seller as a show of good faith. The deposit shows that the buyer is serious about buying the home and will hold up to their end of the purchase agreement.

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With all of this said, the earnest money deposit is usually at least 1% of sales price, but not always. Also, by law the EMD check must be deposited in the escrow account within 48 hours of ratified c…

What is an Earnest Money Deposit? (Good Faith Deposit) Mistake No. 1: Not understanding what an earnest-money deposit is. The earnest-money deposit is a negotiable amount between the buyer and seller, but usually about 1% to 2% of the purchase price (although it can shoot up to 10%). This money is generally held by the seller’s broker or a title company, to be used as a credit toward the down payment and closing costs.