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Earnest Money? - This is a deposit made by a prospective buyer of real estate. Or it may also apply to any similar deposit made by the purchases of some government, publicly tendered contract. The purpose of this earnest money is to demonstrate the person is truly sincere about the purchase. The amount of earnest money needed will depend on the situation. It is often a percentage of the item being purchased. Said deposit is normally held in some third party account once accepted by the seller. If the buyer fails to complete the sale often this deposit is forfeited. |
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