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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.
This money will be held in a special
escrow account.
If your offer is accepted, your earnest money will be included as part
of your down payment. If your offer is not accepted, you'll get back all
your earnest money. But keep in mind that if you back out, you may
forfeit the full amount. |