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How is Earnest Money Applied at Closing?
Earnest Money is applied as a credit to you at Settlement.
The settlement sheet is basically a balance sheet. The money you owe is on the top of your side (purchase price, closing costs, your portion of property taxes, etc.) All the money paid on your behalf (loan proceeds, earnest money, the seller's portion of property taxes, etc.) is on the bottom of your side and is a credit to you. The difference between what you owe and what you have paid (including the Earnest Money) is what you have to bring in to closing (or what is refunded to you if you have brought in too much). In other words, the earnest money is credited on your behalf, but not directly for any specific cost.Whatever your total cost to close would have been with no Earnest Money, it will be reduced by the amount of the Earnest Money Deposit you have paid, and you will bring in that much less at closing.A good lender and title company should have these figures for you and your broker a day or two before settlement. You and your broker should review the Settlement Statements for accuracy and have any corrections made prior to ... more

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