Deposit (Earnest Money):
Money put down by a potential buyer to show that they are serious about purchasing the home. This will become part of the down payment if the offer is accepted and is returned if rejected. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction.
Source: Realtor Mag
BUILDING CODE – TUE JAN 26 2016 WORD OF THE DAY
