Not everyone has the funds to pay for properties in full. Earnest money is different from a down payment and often a lot less. It’s basically a good-faith gesture. It shows both parties are serious about the transaction.
Are you thinking of investing in your first ever home or piece of land? There’s a lot that goes into such a big decision. With finances at stake, it’s important that you educate yourself about the rules, regulations and processes you’ll be dealing with on your path towards ownership. So, consider the following three benefits commonly associated with using earnest money as you ponder the possibilities.
