Does Earnest Money Go Towards The Down Payment
If the seller accepts your offer, this money will go toward your down payment and closing costs. Note that earnest money can be either refundable (this is almost always the case) or non-refundable.
What is an earnest money deposit? An Earnest Money Deposit (EMD) is essentially a show of good faith by the prospective purchaser when submitting an offer on a property, and should not to be confused.
– Earnest money is different from a down payment and often a lot less. It’s basically a good-faith gesture and says to the seller that you are serious about purchasing the home. There are a number of factors that go into ensuring your earnest money satisfies the seller and that you get it back if things don’t work out.
Earnest Money – The Process: Earnest Money is submitted to an escrow company with the accepted purchase contract. At the close of escrow, the EMD is credited towards the down payment and / or closing costs. If there are no closing costs or down payment, the EMD is refunded back to the buyer.
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What is an Earnest Money Deposit? An Earnest Money Deposit (EMD) is essentially a show of good faith by the prospective purchaser when submitting an offer on a property, and should not to be confused.
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The amount of earnest money will depend on the closing period, amount of down payment, interest level in the property or the value of the offer. Deposit Approach to Earnest Money At the time of closing, buyers will be required to contribute a down payment.