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Earnest Money Deposit

Earnest money is a type of security deposit made to a home seller that shows the home buyer is serious about purchasing the home. This is a more informal part of a home purchase and purchase contract. Often confused with a good faith deposit, an earnest money deposit allots you a certain amount of time to secure your mortgage financing and complete the other steps in the home buying process, like appraisals and home inspections. Typically, an earnest money deposit is only refundable under certain circumstances.

 

How Much Do I Need For An Earnest Money Deposit?

The amount you need for an earnest money deposit is calculated by a fixed amount or percentage, depending on what market you’re in.

Fixed amount: In certain markets, there’s a fixed amount that’s a standard earnest money deposit, say $5,000, regardless of the purchase price. This is the amount that you would submit after the purchase agreement is accepted.

Percentage: In other markets, common practice will be to have the earnest money tied to a certain percentage of the purchase price. For example, if the standard deposit in your area is 3%, the deposit would be $6,000 on a home with a $200,000 purchase price.

If you’re working with a real estate agent or other market professional, they can tell you what you can expect to pay as an earnest money deposit in your area. Remember that, once deposited into an escrow account, your earnest money will earn interest. Meet with your accountant to retrieve the interest earned if it’s greater than $600.

 

 


 

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MORTGAGES ARE SECURED AGAINST YOUR PROPERTY. YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

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