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earnest money

noun, Law.
1.
money given by a buyer to a seller to bind a contract.
Origin
1550-1560
1550-60
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for earnest money
  • The earnest money shall be applied to the purchase price.
  • When you make an offer on a home, your real estate broker will put your earnest money into an escrow account.
  • All bids must be submitted in a sealed envelope, and accompanied by a certified or cashier's check for the earnest money deposit.
  • Realtors preparing deeds, contracts, mortgages and earnest money agreements are practicing law.
  • The purchaser forfeits the earnest money if the sale is not consummated through the fault of the purchaser.
  • In addition, the earnest money deposit may be forfeited should the transaction not close.
  • The earnest money deposit must be paid immediately following the sale of the property.

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