"Earnest money deposit" or "good faith deposit" is the amount of money that you put down as a gesture of good faith. You see you have to put down what the call consideration. A legal contract is made up of three things.
- Offer -what you put down in the contract and sign
- Acceptance - What the seller agrees to and you agree to.
- Consideration - something of value. Money, a check. In Metro Detroit real estate it is usually $500, or $1000 or more that the real estate company or title company holds.
If you have any questions about Metro Detroit real estate purchase agreements feel free to call me on my cell (313) 310-9855.
Comments(0)