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Earnest Money/Home Deposits Explained: What is earnest money? How much is earnest money? How does earnest money work? What's the difference between earnest money and down payment funds? These are all common questions that home buyers ask real estate agents daily. By the time you're done reading, you'll have a solid understanding of the answers to these questions. There are plenty of terms and concepts in real estate transactions that can prove confusing or complicated, especially when you have never encountered them before.
Are you going to be buying or selling a home? If you have never done either before, it is essential to understand earnest money or house deposits.
These are the funds that your real estate agent will collect to ensure there is security in the proper for both parties. Earnest money can best be described as an indication there is a sincere interest for a buyer and seller to consummate a real estate transaction.
Of course, there is a ton you should know about home deposits. In the article at Maximum Real Estate Exposure, you will see one of the most in-depth reviews of what you should know.
Some of the frequently asked questions are "how much should the earnest money be?" Who gets to keep the earnest money if the sale falls apart?" As well as "Who holds the deposit monies?"
Be sure you know the answers to all of these important real estate questions.