What is Earnest Money/Real Estate Deposit & Will You Get It Back? | Edmonton Real Estate
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What Is Earnest Money (deposit), and Will You Get It Back When Purchasing an Edmonton Home?
What You'll Learn
If you're planning to buy a home in Edmonton, discussions about “earnest money” or a "real estate deposit" are likely to come up early in the process. For first-time buyers or even seasoned ones, earnest money can seem confusing. What is it exactly? Why do buyers need to pay it? Most importantly, what happens if you change your mind or the deal falls through—do you get it back?
We will guide you through the essentials of earnest money, its purpose, and the scenarios where you might lose or recover it.
What Is Earnest Money?
Earnest money is essentially a “good faith” deposit made by a homebuyer to show their commitment to…
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