The Dottie & Kate Team
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Earnest Money

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Earnest money is a part of the home buying process. The money you give “in earnest” tells the current property owner that you have intent to follow through with the purchase of their property, and it ultimately goes to help fund the down payment for that property. It is unusual for a property owner to accept an offer without earnest money, as it is a type of financial promise to make a purchase.

Many people think of earnest money as a deposit, and that is essentially what it is. When a buyer makes an offer on a property, that property is taken off of the market while the offer is being considered. Without earnest money, a buyer could potentially put in offers on multiple properties, tying up the selling process for several owners. When the offer is accepted, the money that was put down in earnest will go toward a down payment and closing costs.

Some are hesitant to put down earnest money, believing that it is lost should the deal fall through. Should the purchase be terminated at some point in the process, earnest money may or may not be refunded, in part or full, depending on the terms of the contract. Before putting any money down in earnest on a property, a potential buyer should read the purchase agreement to understand who will hold the earnest money and what will happen to it if the deal does not occur.

An experienced real estate agent can walk you through the process of home buying, including the details of earnest money.  

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Dottie Toney                                                                                                                                                                                                                       Kate Swarthout
Keller Williams Realty                                                                                                                                                                                       Keller Williams Realty

Cell:
770-715-0512                                                                                                                                                                                                        Cell: 770-715-0612
Email: dottietoney@kw.com                                                                                                                                                                      Email: kateanne@kw.com
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  • Home
  • Find a home
  • Featured Properties
    • 225 Late Rise Rd Monticello Ga
    • 120 Friddell Rd
    • 1600 A Hwy 81
    • 1809 Stark Rd
    • 13759 Woolsey Rd
    • 225 Tussahaw Ln
    • 469 Parker Rd
    • 267 McDonough Rd
    • 1600 B Hwy 81
    • 115 June Court
    • 332 Roberts Point Road
    • 7625 Wright Circle
    • 695 Moreland Road
    • 2551 Hidden Hills Drive
    • 110 Walnut Ridge Way
    • 108 Greenland Drive
    • 29 Highland Circle
    • 521 Blue Cedar Court
    • 779 Crumbley Road
    • 2933 Old Snapping Shoals
    • 171 W Nuthatch Drive
    • 118 Bell Road
  • Home Staging
  • RESOURCES
    • Blog
    • Selling Tips
    • Locations
    • FAQ
    • Real Estate Glossary
  • Contact
  • 1809 Stark Rd