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Real Estate Glossary

Earnest money

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Written by Luis Escobar

Also called good faith deposit, earnest money is a monetary advance that the buyer pays to the seller at the time of entering a contract. Its purpose is for the buyer to showcase their intention and ability to carry out the contract.

Also called good faith deposit, earnest money is a monetary advance that the buyer pays to the seller at the time of entering a contract. Its purpose is for the buyer to showcase their intention and ability to carry out the contract.

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Luis Escobar

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