deposit when buying a house: Let's Talk About Earnest Money Deposit
- 05/28/21 10:50 PM
Let's talk about deposits. You may hear the term EMD, GFD, earnest money deposit, or good faith deposit. The contract is written, with an agreed-upon good faith deposit submitted at the time of the offer. Sometimes, the agreement can call for a second deposit, maybe after the inspection time is complete. This deposit can be held in escrow by either the listing agent, buyer agent, or a third party like a title company.
Can a buyer get their money back? Not always. One reason IF dates are missed. Maryland has a time is of the essence clause, so important it is the … (17 comments)
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