What is Earnest Money in a Real Estate Purchase Contract?
Earnest money, often called a "good faith deposit," is a sum of money provided by the buyer at the time of entering a purchase contract. This deposit shows the buyer's serious intent to purchase the property and assures the seller of their commitment.
The earnest money is typically held in escrow until closing, where it is applied toward the buyer's down payment or closing costs. In most cases, if the transaction falls through due to contingencies outlined in the contract (such as financing or inspection issues), the earnest money is refunded to the buyer. However, if the buyer breaches the terms of the agreement, the seller may retain the deposit as compensation.
The earnest money is held typically by the buyer's agent, seller's agent, or title company depending on which is specified in the purchase agreement.
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Buyer's Resources
Earnest Money Information
Earnest Money Information
Earnest Money Information
If you are a Vivid Land Realty Client and are under contract on a home/property, Click the button below to request a link for electronic funds for the earnest money deposit.
Real Estate Agents
Earnest Money Information
Earnest Money Information
Our experienced agents can help you find the perfect home for your needs. Contact us today to get started.
Mortgage Services
Earnest Money Information
Knox County School Website
We are happy to send you information on lenders that we have used and have treated our clients with respect, honesty, and compassion.
Knox County School Website
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Knox County School Website
Click the link below to find the Knox County School for your address while searching for a home. Be aware that zoning and school boundaries are not guaranteed and may change.
Internet Providers
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Click the links below to find what internet providers are available for the home address that you are considering purchasing.
Link: https://www.highspeedinternet.com/tn
Link Button: Home | FCC National Broadband Map
Link: Fiber Homes | Home
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Window to the Law: The Benefits of Using a Buyer Representation Agreement
Learn how real estate professionals can use buyer representation agreements to ensure consumer protection and build strong relationships with buyers, as well as how to articulate the many benefits of these agreements when meeting with buyers.
Solar Calculation
What is an exterior injection well
What is an exterior injection well
This link may be able to assist in determining if solar is a option for the property that you are reviewing.
What is an exterior injection well
What is an exterior injection well
What is an exterior injection well
This link may be able to assist in determining if solar is a option for the property that you are reviewing.
Lead Based Paint
What is an exterior injection well
Lead Based Paint
Lead Based Paint Disclosures are required on any residential home built prior to 1978.
The seller will mark whether or not they are aware of lead-based paint and your agent will supply you with a brochure giving you additional information.
What is Radon
What is Radon
Lead Based Paint
Radon is a naturally occurring radioactive gas that can cause lung cancer.
You can’t see or smell radon. Testing is the only way to know your level of exposure. Radon can have a big impact on your health and indoor air quality.
Additional Buyer Resources
Pre-Webinar Packet
This will be updated soon for the
Home Buying Process
Webinar Series
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IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and the data is deemed reliable but is not guaranteed accurate by the MLS.
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