Definitions for earnest money
earnest mon·ey

Princeton's WordNetRate this definition:0.0 / 0 votes

1. earnest money, arlesnoun

   money given by a buyer to a seller to bind a contract

WiktionaryRate this definition:0.0 / 0 votes

1. earnest moneynoun

   Money paid as a deposit to show intent to buy or to reserve an item to be purchased; especially, money accompanying an offer to buy real estate.

WikipediaRate this definition:0.0 / 0 votes

1. earnest money

   An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.In the Middle Ages, the earnest payment was called variously an earnest penny, Arles penny, or God's silver (in Latin Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus ("And he took it from the aforesaid Henry [sealed by a] silver three pence [piece] handed over [in the sight of] God"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations. If the seller accepts the offer, the earnest money is held in trust or escrow. These funds may be held directly by the seller's attorney, the real estate broker (as in the State of New York) or by a settlement or title company (as in states like California, Florida, and Texas). When the transaction is settled then the deposit is applied to the buyer's portion of the remaining costs. If the offer is rejected, the earnest money is usually returned, since no binding contract has been entered into.

ChatGPTRate this definition:0.0 / 0 votes

1. earnest money

   Earnest money is a deposit made by a buyer towards the purchase price of a property, as a sign of their serious intention or commitment to buy. The deposit is held in an escrow account until the transaction is finalized. If the sale goes through, the earnest money is typically applied towards the down payment or closing costs. However, if the buyer backs out without legitimate reason or breaches the terms of the contract, the seller usually keeps the earnest money.

Matched Categories

1. • Earnest

How to pronounce earnest money?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say earnest money in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of earnest money in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of earnest money in Pythagorean Numerology is: 1

Examples of earnest money in a Sentence

1. Ron Leffler:

   When there are multiple offers to choose from, sometimes the financial difference between the leading offers is minimal. Look for creative ways to lower the seller’s risk to make your offer more attractive, reducing the number of contingencies you have is the first step, we saw many buyers drop most or all of them in 2021. Consider a very high or non-refundable earnest money deposit, which sends a serious message, [though you should] make sure you’re willing to go that far.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=earnest money
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Earnest_Money
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Earnest_Money
4. ^ ChatGPT
   https://chat.openai.com