Earnest money is the house buying deposit made by the buyer to the seller in good faith that the house sale offer is off the market for a specific time period. The time can be used by the buyer to check the house for any defects or arrange any money to buy the house. The amount is deposited into an escrow account and will remain there until the contract closes.
The amount of deposit will effectively be forfeited by the seller if the buyer does not buy the house within the time limit given by the buyer in the contract or changes his mind about buying the house.
What information is normally included in a real estate sales contract?
Aretta J. Parkinson owned a two-hundred-acre farm
Watson agreed to buy Ingram’s house for $355,000.
On May 5, Stewart Richardson (Seller) and Jasdip Properties
Vernon and Janene Lesher agreed to purchase an eighteen-acre parcel
The following items were taken from the financial records of Melvin Construction
