💰 Real Estate Vocabulary: Earnest Money 🏡

Earnest Money is a good faith deposit that a buyer submits with their offer to show they are serious about purchasing the home. This deposit reassures the seller that the buyer is committed and not wasting anyone’s time.

🔹 What You Need to Know About Earnest Money:
✔ Typically 1-3% of the purchase price (but varies by market)
✔ Held in an escrow account until closing
✔ Can be credited toward the down payment or closing costs
✔ May be refundable depending on contract contingencies

This deposit strengthens an offer and shows sellers that you mean business! 💼

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