earnest moneyearnest money
Money paid as partial payment of a purchase price in order to establish a binding contract of sale.
earnest money - Investment & Finance Definition
A good-faith deposit paid before a transaction closes that ensures that the sale will be completed or a deal closed. Typically, earnest money is put down by a home buyer at the time the contract is signed.
earnest money - Legal Definition
A down payment, typically for real estate, that demonstrates the prospective purchaser’s intent to proceed with the transaction.