FYI: What’s an Earnest Money Deposit (EMD)?
An EMD, or earnest money deposit, also sometimes called a "good faith" deposit, refers to the initial funds a buyer is required to put down after the seller accepts the offer of the buyer. This shows that the buyer is not only serious about the purchase but is also willing to spend their money.
The earnest money deposit amount can vary between 1% to 5% of the property's sales price. An escrow company often holds the EMD or as otherwise provided for under the PSA or purchase and sale agreement.
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