earnest money
earnest money
| Noun | 1. | earnest money - money given by a buyer to a seller to bind a contract |
| 单词 | earnest money | |||
| 释义 | earnest moneyearnest money
Earnest MoneyEarnest MoneyA sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. Often the contract provides for Forfeiture of this sum if the buyer defaults. A deposit of part payment of purchase price on sale to be consummated in future. earnest moneyEarnest moneyEarnest Moneyearnest moneyA deposit of money made by the purchaser of real estate. It can serve the following purposes: • It shows evidence of economic resources and the probable ability to proceed to closing. • It provides hostage value because of the usual contract provision that seller may retain the earnest money in the event of default. • It may allow enforcement of a contract that might be defective on purely technical grounds. For example, some states allow enforcement of an oral real estate contract when there has been partial performance by the payment of earnest money. This occurs often, as when a buyer submits a written offer for property and an earnest money check. The seller makes a verbal counteroffer, and the buyer verbally accepts. The seller deposits the check. No one ever thinks to prepare a new written contract for signatures. Standing alone, this is an oral contract that is unenforceable under the Statute of Frauds. earnest money
Synonyms for earnest money
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