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What is a Good-Faith Deposit?

what is earnest money

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.

Are You Looking for Homes for Sale in Tampa’s Suburbs?

If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:

  • Hillsborough County homes for sale
  • Pinellas County homes for sale
  • Pasco County homes for sale

When you’re ready to start looking at homes for sale in Hillsborough County, Pasco County or Pinellas County, we’re here to help.

Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.

 

 

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RE/MAX ACR ELITE GROUP, INC. Hillsborough

14823 N. Dale Mabry Hwy.
Tampa, FL 33618
Office (813) 961-6000
Fax (813) 961-6016

RE/MAX ACR ELITE GROUP, INC. Pinellas

2501 West Bay Drive
Largo, FL 33770
Office (727) 584-8480
Fax (727) 586-6789


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