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What is an Earnest Money Deposit and why is it necessary?

April 26, 2017deposit earnest money necessary

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What is an Earnest Money Deposit and why is it necessary?

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An Earnest Money Deposit holds the property for the Buyer and shows the Seller the sincerity of such buyer to purchase a property. An Earnest Money Deposit is required on each purchase. Instructions on how to make an Earnest Money Deposit are given when a Buyer request a Contract Package. The Earnest Money Deposit is credited towards the buyers down payment at closing.