The Earnest Money Deposit

     At the time a written offer on the property you wish to buy is initiated, you will generally be required by the seller to include a deposit in the form of a personal check, cashier's check, or cash. The amount deposited will be kept in the trust account of the Title or Escrow company and is not turned over to the seller. This money essentially represents your sincerity in attempting to purchase the home, makes the contract "legal" if accepted, and is totally refundable if the offer is not accepted, or if some condition of the contract is not satisfied by the Seller (assuming the Buyer doesn't default). If everything proceeds smoothly, the deposit applies in full toward the purchase price at closing.