Meaning of earnest money
Earnest money is the deposit that the Buyer is required to give to the Seller in advance, keeping in
mind the purchase of property to pass on that the Buyer is serious about obtaining the property. It is the
cash deposit paid by the planned Buyer to the Seller, as proof of good faith to complete the purchase.
This store will be credited to the sales price after closing but will be relinquished if the Buyer defaults.