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Can a Seller Keep the Earnest Money Deposit? Yes – Here’s When

Redfin

It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. The money is held in escrow and is typically applied towards the buyer’s closing costs or down payment. So when can a seller legally keep the earnest money deposit?

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Earnest Money and House Deposits Explained

Rochester Real Estate

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Earnest Money and House Deposits Explained Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

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Can You Get Your Earnest Money Back at Closing?

Redfin

When buying a home, youll likely come across the term earnest money – a deposit that shows the seller youre serious about the purchase. But what actually happens to that money once the deal closes? If youre making a down payment on the home, the earnest money will be deducted from what you owe.

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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

Don’t skip critical steps like the home inspection or negotiating closing costs. These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process.

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What is Due Diligence in Real Estate?

Redfin

In some states, buyers may also pay due diligence money—a non-refundable fee paid directly to the seller in exchange for this inspection window. While not required everywhere, it’s an important part of the process in certain markets and is separate from the earnest money deposit. This only applies in certain states.

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Is Earnest Money Refundable? When You Can (and Can’t) Get It Back

Redfin

When you make an offer on a home, you’ll usually include earnest money – a deposit that shows the seller you’re a serious buyer. This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through.

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Home Buying Process Timeline: 17 Steps Every Buyer Should Know

Redfin

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. Whether you’re purchasing your first home or need a refresher, understanding each step in the home buying process timeline can help you avoid surprises and feel more confident along the way.