Financial
Tools An earnest money deposit is part of an offer to purchase real estate and is usually paid by cash or check. Your Realtor® will hold the uncashed check until the offer is accepted or rejected. If rejected, the check will be returned to you. If accepted, it must, by law, be deposited into an escrow account by the next business day following acceptance. The deposit amount is related to the sales price and represents serious intent on the part of a buyer to purchase property. It will be credited towards your down payment and closing costs when your final statement is prepared. If you pull out of the sale after acceptance but before closing, your deposit may be forfeited. There is a specific paragraph on the purchase contract addressing this deposit. Have your Realtor® explain it to you. It is important that any contingencies such as financing be clearly written to protect your deposit.
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