earnest money
Buyer's commitment funds
Earnest money is a deposit made to demonstrate serious intent in a transaction, typically when buying real estate.
The buyer puts down earnest money when making an offer, showing the seller they're committed.
If the deal closes, it applies toward the purchase price; if the buyer backs out without cause, the seller usually keeps it.
We put down five thousand in earnest money on the house.
Initial sum toward purchase
- escrowConditional third-party deposit
- binderDevice securing loose pages
- advanceMove or progress forward
- prepaymentPayment made beforehand
retainer · security deposit · holding deposit · reservation fee · stake · consideration · partial payment · upfront payment
Enforceable mutual commitment
- considerationCareful thought or compensation
- good faithSincere, honest intent
- obligationRequired task or commitment
- forfeitureLoss due to breach
default · breach · terms · conditions · release · refund · disbursement · cancellation
Land and its structures
- purchase agreementBinding document for transactions
- property saleTransfer of real estate
- closing costsFees finalizing property purchase
- title companyOwnership verification business
due diligence · contingency · appraisal · inspection · buyer · seller · offer · counteroffer
Neutral party holding funds
- fiduciaryAgent bound by loyalty
- third partyUninvolved outside entity
- custodianGuardian of a place
- safekeepingProtective care of possessions
holding · neutral party · title holder · stewardship · accountability · safeguard · protection · verification
down payment
Initial sum toward purchase
- escrowConditional third-party deposit
- binderDevice securing loose pages
- advanceMove or progress forward
prepayment · retainer · security deposit · holding deposit · reservation fee · stake · consideration · partial payment · upfront payment
binding agreement
Enforceable mutual commitment
- considerationCareful thought or compensation
- good faithSincere, honest intent
- obligationRequired task or commitment
forfeiture · default · breach · terms · conditions · release · refund · disbursement · cancellation · contingency clause
real estate
Land and its structures
- purchase agreementBinding document for transactions
- property saleTransfer of real estate
- closing costsFees finalizing property purchase
title company · due diligence · contingency · appraisal · inspection · buyer · seller · offer · counteroffer · contract
escrow agent
Neutral party holding funds
- fiduciaryAgent bound by loyalty
- third partyUninvolved outside entity
- custodianGuardian of a place
safekeeping · holding · neutral party · title holder · stewardship · accountability · safeguard · protection · verification · assurance
- Home Buyingmortgage, downpayment, down payment, closing, closing costs
- real estatehouse, home, apartment, property, sale
- Dealmakingdeal, negotiator, bargaining, offer, counteroffer
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- Escrow Termsdeposit, funds, account, disbursement, impound
- financial commitmentsloan, mortgage, bond, promissory note, debenture
earnest moneyfinal payment
Last sum owed
closing costs · balance due · remaining balance · full payment · purchase price
earnest moneyfull price
Amount without reductions
total cost · lump sum payment · purchase price · contract price · principal amount
money, earnest, earned, earning, earns, moneyed, earnestly, earnestness, monetary