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What is earnest money and how much do I need?

earnest money
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What is earnest money and how much do I need?

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When you sign an offer to purchase, your sales professional will ask you for ” earnest money.” This refers to a monetary commitment that shows you are serious about wanting to buy. Usually, you will be asked to write a check for one to 10 percent of the sale price.

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A. It is money paid by the buyer at the time of making an offer or entering into a contract to purchase. It is requested to show the buyer’s good-faith intention to complete the purchase. Typically, you will be asked to write a check for one to 10 percent of the sale price. ^top Q.

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