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Earnest money is little more than a way for a buyer to prove his or her sincerity to a seller. There is usually no set requirement on earnest money when it comes to home buying; local customs and the state of the market typically dictate the amount.
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Peter Siegel, Founder of BizBen and Director of the ProBuy and ProSell Programs on BizBen explores why earnest money deposits serve several purposes.
Your home purchase contract will set out the conditions under which you can back out of the contract and get your earnest money back. Texas also has its own laws on handling the deposit based on situations such as the buyer or seller not agreeing to the contract.
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For example if you were to back out of the deal and lose your earnest money deposit this money would be a liability to you (liability is a financial obligation and this would end up being a financial obligation to you if you backed out). When you place an earnest money deposit with the seller, this money is an asset.
Legal definition of earnest money: money used as earnest. money used as earnest. See the full definition. SINCE 1828. to thousands of additional definitions and advanced search features-ad free! JOIN NOW. GAMES.
A February report by the National Association of Realtors polled several sales agents and lenders about the biggest earnest-money deposit.
But no definition can do justice to the facts of each case. Each case must be determined on its own facts and on the language of the sales contract. Keep the earnest money deposit. A potential buyer.
A market-savvy agent can tell you how much earnest money you might want to deposit, based on localtrends and customs. The goal here is to be competitive with the majority of other buyers, by making an earnest money deposit that’s at least on par with – or even higher – than the majority of competing buyers.
You can get a better understand of how earnest money deposits work by reviewing the california residential purchase Agreement. This is the standard document used for home purchases in the state. Under section 3 of this document, we find some fill-in-the-blank portions that relate to the buyer’s "initial deposit," which is the earnest money.