What is Earnest Money?
What is Earnest Money?
Earnest money or a deposit is money put down by a potential buyer to show to the seller that he or she is serious about buying the home. If the sale goes through, it will be
applied towards the sales price. The money will be returned if the offer is rejected.
Research Maniacs recommends a promissory note instead of earnest money. Sometimes it can be a hassle and take time to get the earnest money back.
A promissory note is simply a promise to pay a small down payment into escrow if the offer is accepted.
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