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New England Title & Escrow Services | Massachusetts Real Estate Attorney | Blog

New England Title | Massachusetts Real Estate Attorney | Blog

 

What you need to know about the New England real estate and lending market.

What to Know About the Earnest Money Deposit

September 21, 2020

The Earnest Money Deposit (EMD) is an important aspect of the house buying process. This deposit essentially indicates to the seller that you, the buyer, are serious about wanting to purchase their home. The deposit shows you are committed. Once the deposit is accepted by the seller, the property is then taken off the market, therefore the seller is trusting that the buyer is eager to move forward with the sale. Otherwise, the seller is losing valuable time and money by removing the property from active listings. It is also a safeguard for sellers, deterring buyers from making offers on multiple properties.

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