It's time to get serious !
The earnest money.
The money deposited by a buyer, which is given to the listing agent, demonstrates the buyer's serious intentions to proceed with the purchase of the home. (ya think?)
This is also a deposit which may be governed by the terms of the contract. This is money that may be applied to the purchase price of the home when the seller and buyer go to the closing table.
At the same time, this is money deposited in earnest towards the sale and purchase of the home which may be lost or defaulted if the buyer fails to perform a specific obligation agreed to under the terms of the contract.
What else does the earnest money represent?
Next: Delivering the Contracts
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