flgaland@gmail.com
    (386) 243-0124

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What is an Earnest Money Deposit?

what is earnest money deposit - north florida land for sale

If you’re buying a house, your Lake City Realtor® will probably ask you about your earnest money deposit.

But what is earnest money, and is it necessary to purchase a home?

What is Earnest Money?

An earnest money deposit helps fund your down payment—and at the same time, it shows sellers that you’re a serious buyer.

If you didn’t put down an earnest money deposit, you could run around town making offers on every home that suited your fancy. However, if you did that, all but one seller would be left out in the cold. For that reason, most Sellers won’t accept an offer without an earnest money deposit.

Who Gets the Earnest Money Deposit?

If the seller accepts your offer, the earnest money you deposited will go toward your down payment and closing costs. In many cases, if you later decide not to purchase the home, you can get your earnest money (at least most of it) back.

Typically, you’ll give your earnest money deposit to the title company or the real estate broker. You should never give earnest money directly to the seller; you want to be sure that it is being held in escrow.

How Much is an Earnest Money Deposit?

While every situation is different, an earnest money deposit is typically between 1 and 2 percent of the homes total purchase price. Sometimes you can use your earnest money deposit as a bargaining tool; some Sellers are willing to lower the price of the home if you make a larger earnest money deposit.

When Will They Cash Your Earnest Money Check?

Most often, the title company or broker will cash your check within a few business days. The company will hold it until you’re in the final stages of your purchase; when it’s time, they’ll release the funds from escrow and apply them to your down payment or closing costs.

Are You Looking for a Home or Property in Lake City?

Whether you’re looking for Lake City homes for sale or you’d like to find an equestrian property, timber tract or something else, we’d love to help you.

Call us at 386-243-0124 or get in touch with us online to let us know what you want from your next home. We’ll be happy to help you find it!

15585 184th St $549,900

15585 184th St McAlpin, Florida

2 Beds 2 Baths 1,130 SqFt 41.81 Acres

SW Mcgriff Ln & Kaman $248,535

SW Mcgriff Ln & Kaman Lake City, Florida

13.15 Acres

Posted in: Blog, Buying, Financing

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North Florida Land for Sale

(386) 243-0124

flgaland@gmail.com

Office: (386) 243-0124
250 NW Main Blvd #75
Lake City, Florida 32055

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Search Smarter

Did you know the hottest North Florida land for sale often sells within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest land as they hit the market! Simply click the button below and choose the types of North Florida land you are looking for and save your search to start getting alerts today!

New Property Alerts

As a local expert, I also have access to North Florida land for sale before it hits the market and can show you more information that is only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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