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Earnest Money PDF Print E-mail
Selling a Home - Closing in on a Closing

Earnest money represents the buyer's commitment to purchasing your home. It ties the buyer to the property. The earnest money is also called a deposit. That money may be forfeited to the seller if the buyer breaks the contract. This varies from state to state.

The earnest money usually goes into an escrow account held by the seller's broker. Upon the sale, the earnest money is used as part of the down payment to the seller. If the sale is not completed because a contingency is not met, the earnest money and any interest goes back to the buyer.

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