Bob Ramalho

Berkshire Hathaway - Verani Realty

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Bob Ramalho May 31, 2024

Explaining Earnest Money: A Crucial Element in Real Estate Transactions

If you're stepping into the world of real estate, understanding earnest money is paramount. So, let's dive in. What is Earnest Money? Earnest money, also known as a good faith deposit, is a sum of money provided by the buyer to the seller as a sign of their genuine intention to purchase the property. It essentially demonstrates the buyer's commitment to the deal. This money is typically held in an escrow account until the closing of the transaction. The Purpose of Earnest Money Shows … [Read more...]

Filed Under: Mortgage Application Tagged With: Earnest Money, Mortgage Transaction, New Home

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