In the Columbus, GA area market earnest money is a deposit held by a real estate company, seller or builder when entering into a contract to purchase a home. The earnest money deposit is usually 1% of the purchase price. It is usually deposited into the trust account of the brokerage company or real estate agengy. A check in the same amount is brought to closing and can be used to go toward a buyers down payment or toward their closing costs in the transaction. In some cases if the loan is 100% and … (2 comments)
What is earnest money in a real estate transaction?
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