What is the earnest money you deposit? Well, the earnest money you deposit is the amount of money that’s tendered at the beginning of a transaction to show that you’re committed to that particular transaction in residential real estate. It’s usually between one and 3%. And of course it could be more.
But for the most part, this is due in Esther within about three days after acceptance as per the contract. And by the way, it goes towards the sales price. So it’s not just money that’s out there. This literally goes towards your sales price. That’s what the earnest money deposit is. I hope that helps.
P.S. I am sure you have some unique questions, this is how you get them answered:
