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"Earnest Money Deposit"

From Elizabeth Weintraub,
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Definition: A portion of the down payment that accompanies a purchase agreement. When the purchase agreement is signed by the seller and returned to the buyer, the deposit is generally held in a trust account.

Also Known As: Good Faith Deposit

Examples: Most purchase agreements contain provisions that give the Earnest Money Deposit to the seller if the buyer defaults without cause on the contract.

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