Earnest money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
what is the meaning of the earnest money?
14 May 2012
An earnest money is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earnest) about wanting to complete the purchase. When a buyer makes an offer to buy residential real estate, he/she generally signs a contract and pays a sum acceptable to the seller by way of earnest money.
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