A2Z Real Estate Depot

This page shows detailed information for Step 6 of the First Time Home Buyer Process: Submit The Earnest Money

Earnest Money

Earnest money is money put down to demonstrate that your are serious about buying a home.
It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price.
If your offer is accepted, the earnest money is credited to the purchase price.
Earnest money is typically refundable unless otherwise stated in the contract.
If you back out of a deal, you may forfeit your earnest money.

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