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What is an Earnest Money Deposit
A deposit made by a buyer to demonstrate their intent to purchase a home. Also referred to as an escrow deposit, or good faith money, the amount is typically 1-10% of the sales price. In the event the buyer violates the terms of the real estate contract, this amount is subject to forfeit. If the deal goes through, this amount is used toward the downpayment or closing costs.
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