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Does Earnest Money Go Toward Down Payment

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If you put up earnest/hand money, does it go toward the deposit or is it totally separate? As in, if you submit 0.00 earnest money will it be included in your downpayment or not? I have heard conflicting statements regarding this. Some people say it does, some say it does not. If it helps, I am in Virginia.

 · If they accept a contract with you and you pull out, they get to keep the earnest money for the time the house was pulled off the market. If you give them nothing, they’ve got no reason to pull the house off the market for the contract. The earnest money definitely does.

Your earnest money can count toward your closing costs, or you can opt to apply it to the down payment of the home. Application of Earnest Money Although an earnest money deposit can go towards the closing costs of a home, it can also be credited towards a number of fees associated with home buying, such as the down payment or escrow fees.

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An Earnest Money Agreement is a great way for a potential buyer or renter of real. and the payment is usually credited towards the total purchase or rental price.. and often serves as a kind of down payment when the sale actually goes through.. Rocket Lawyer is not a "lawyer referral service" and does not provide legal.

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– Earnest money is different from a down payment and often a lot less. It’s basically a good-faith gesture and says to the seller that you are serious about purchasing the home. There are a number of factors that go into ensuring your earnest money satisfies the seller and that you get it back if things don’t work out.

– If the deal goes as planned, the earnest money is usually applied towards your down payment. In the event you negate the contract due to one of the contingencies in your offer, such as the results of the home inspection, your earnest money deposit will usually be returned.