Earnest money, also known as a good-faith deposit, is the money that a potential buyer puts down when he or she makes an offer to purchase real estate. You’ll need it whether you’re buying a waterfront home in Wesley Chapel, a luxury home in Apollo Beach, or a condo in St. Petersburg.
What is Earnest Money?
Earnest money is a deposit that’s meant as a symbol of your serious intention to follow through with obtaining the property. If the offer is accepted and the contract is finalized, then the good-faith money is applied against the purchase price of the property.
While there are no legal requirements to make an earnest money deposit or specifying how much should be offered, a seasoned real estate agent can help the buyer make a reasonable good-faith deposit that will show the seller just how serious he is about the purchase. The real estate agent will apply his knowledge of familiar local customs, traditions, and current real estate market trends to making his recommendation.
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