Earnest Money: Definition and How It Works in Real Estate
investopedia.com
Earnest Money: Definition and How It Works in Real Estate
In real estate transactions, earnest money is an escrowed deposit paid by a buyer that will be forfeited if the buyer backs out of the deal without a good reason.
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Earnest Money Explained: What It Is, Where It Goes & When You Get It Back 💰 If you're buying a home in Northeast Ohio, you've probably heard the term "earnest money deposit" and wondered what it actually means. Let me break it down for you. Earnest money is good faith money 🏡 You put it down when you make an offer to show the seller you're serious not just window shopping. Here in our area, it's usually between $500 and $2,000 depending on the price of the home. Here's what you need to know: ✅
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