It’s vital to understand the terms “earnest money” and “contingencies” when house hunting. Earnest money is paid up-front as a show of good faith when you make an offer on a home. It is held by an escrow company until the sale is finalized or falls through. A contingency is a condition added to a purchase offer. If that condition isn’t met, the buyer keeps their earnest money if they walk away.
It’s vital to understand the terms “earnest money” and “contingencies” when house hunting.
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