What is earnest money?

Earnest money is a deposit that shows you are serious about the purchase. It is held in escrow and applied to your purchase if you close.

How much is typical?
Often 1%–3% of the purchase price in this area.

When is it paid?
Usually within a few days of offer acceptance.

Is it refundable?
Yes, if you cancel within contingency periods. After that, it may be at risk.

Does a larger deposit help?
Yes. It signals commitment and financial strength.

Where is it held?
In escrow, not directly by the seller.