Earnest Money
What is Earnest Money in a Real Estate Purchase Contract?
Earnest money, often called a "good faith deposit," is a sum of money provided by the buyer at the time of entering a purchase contract. This deposit shows the buyer's serious intent to purchase the property and assures the seller of their commitment.
The earnest money is typically held in escrow until closing, where it is applied toward the buyer's down payment or closing costs. In most cases, if the transaction falls through due to contingencies outlined in the contract (such as financing or inspection issues), the earnest money is refunded to the buyer. However, if the buyer breaches the terms of the agreement, the seller may retain the deposit as compensation.
The earnest money is held typically by the buyer's agent, seller's agent, or title company depending on which is specified in the purchase agreement.
Contact Us to learn more
Earnest Money can be done with electronic funds (see below) or personal check. Please ensure that you speak with your agent prior to submitting the earnest money on your new property.
If you choose to use electronic funds, you will receive a personalized property specific link provided by your agent.
Talk to your agent to get the link sent to your email requesting the Earnest Money on your new property. Processing Fee is currently $16-18 per transaction. If you have any questions or concerns while innating the payment DepositLink has a 24-hour support to assist (424) 361-6558.
Electronic Earnest Money
DepositLink is a convenient payment solution designed to replace tedious paper checks and wire transfers.
No more worrying:
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When to mail the check to ensure it is delivered by the contract deadline
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Lost check
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Sharing your banking Info
Talk to your agent to get the link sent to your email requesting the Earnest Money on your new property. Processing Fee is currently $16-18 per transaction. If you have any questions or concerns while innating the payment DepositLink has a 24-hour support to assist (424) 361-6558.
This is Vivid Land Realty's preferred way of collecting earnest money.
