Where Does My Earnest Money Go?
A basic and very obvious question that most first-time [city] home buyers ask once their purchase contract gets accepted.
When a buyer makes an offer to buy residential real estate, he/she generally signs a contract and pays a sum acceptable to the seller by way of an Earnest Money Deposit or Good-Faith Deposit.
An Earnest Money Deposit (EMD) is simply held according to the terms of the executed purchase contract.
Earnest Money Deposit (EMD)
The amount varies... Continue Reading >