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January 19, 2023
When you find a home and sign a purchase contract, the seller has the option to remove the property from the market. Earnest money, also known as a good faith deposit, is a sum of money you put down to show that you are serious about purchasing a home. In most circumstances, earnest money serves as a deposit on the property you wish to purchase. When you sign the purchase agreement or sales contract, you deliver the amount. It might potentially be included in the deal. The seller and buyer sign a contract outlining the terms for refunding earnest money.