Earnest-money definitions

Money paid as partial payment of a purchase price in order to establish a binding contract of sale.
noun
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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.
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A down payment, typically for real estate, that demonstrates the prospective purchaser’s intent to proceed with the transaction.
noun
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Money paid as a deposit to show intent to buy or to reserve an item to be purchased; especially, money accompanying an offer to buy real estate.
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