Defining earnest money when buying San Francisco real estate
A reader asks:What is earnest money and why is it called that?
Our reply:
Earnest money is the deposit that is to be put into escrow when a buyer makes an offer to purchase a property. It is to show the seller that the buyer is in "earnest" with his offer.
- Janis Stone
See our previous article Glossary of Real Estate Terms.
posted by SFResidence.com @ 7:58 AM
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