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A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The amount varies enormously, depending upon local custom and the state of the local market at the time of contract negotiations.
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When the transaction is settled then the deposit is applied to the buyer's portion of the remaining costs. If the offer is rejected, the earnest money is usually returned, since no binding contract has been entered into.
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processes to demonstrate that the applicant is serious and willing to demonstrate
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These funds may be held directly by the seller's attorney, the
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If the seller accepts the offer, the earnest money is held in
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Arbitration and contract law : common law perspectives
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