ContractsPregunta 67 de 120
In most residential purchase contracts, the earnest money deposit is:
a.Kept by the broker as a nonrefundable fee in all cases
b.Paid directly to the county as a tax
c.Applied toward the purchase price or closing costs at closing
d.Returned to the buyer even after a buyer default
Explicación
Earnest money is credited toward the buyer's purchase price or closing costs when the transaction closes. If the buyer defaults without a valid contingency, the seller may be entitled to keep it as liquidated damages. Its handling depends on the contract terms and whether contingencies are met.
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