What Is Earnest Money?
Earnest money is a deposit the buyer puts down towards the purchase of real estate. It represents that the buyer is indeed interested 
and serious about purchasing the property in the contract.
This gives the seller some protection as they will most likely be taking their property off the market while the buyer is getting financing, if necessary, the home inspection, and waiting to close.
If the buyer simply changes their mind, they will most likely forfeit their earnest money. If the buyer has tried everything possible and is turned down for financing, however, they will not lose their earnest money, and it will be returned to them.
A buyer usually has 24-72 hours to deposit their earnest money (via check or wire) to the escrow company. They will receive a receipt.
At the real estate closing, this amount will be credited to the buyer. This is a simple explanation, and you will need to have your agent explain the contract you will be signing in detail. Make sure you understand, as this is money that could possibly be forfeited if you breach the contract.
If you have any questions or comments regarding this FAQ please Contact Me or give me a call at 480-906-1500.