We backed out of the contract. Now, the seller refuses to sign a mutual release, and their lawyer sent a response they expect to close. They won't return the $15,000 earnest money. Our agent wants ...

Earnest money is a deposit that a buyer makes on a home they want to purchase. A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount.

That milestone is reserved for your earnest money—a deposit you’ll make as part of your initial offer on a home. “It’s collected to bind the contract,” says Dana Bull, a real estate ...

Usually, in a rent-to-own arrangement, the rent is above fair market value, since some percentage will be applied to a tenant’s earnest money deposit. (iStock) Perspective by Harvey S.

Whether it's called a contract-to-purchase, an offer, binder, or earnest-money agreement, you can be held to your offer once it's signed by the seller. If you leave anything out and the seller ...