Earnest Money FAQ

• What is earnest money?
• Why is it called earnest money?
• Is earnest money required?
• When is earnest money due?
• Can earnest money be a personal check?
• Can earnest money be paid with a credit card?
• Does earnest money go toward closing costs?
• What happens to earnest money at closing?
• Does earnest money go to the seller?
• Can you get earnest money back if you back out?
• Do you get earnest money back if the inspection fails?
• What happens to earnest money if financing falls through?
• Can earnest money be a gift?
• What does it mean when earnest money goes hard?
• Can earnest money be less than 1%?
• Is earnest money refundable on new construction?
• Is earnest money the same as escrow?