 It is also a normal procedure for the buyer to put down a reasonable cash deposit, commonly known as an earnest money deposit, to bind the buyer and show the seller that this is a sincere offer by the buyer and that upon acceptance you will complete the transaction as provided for in the terms of the contract. The earnest money deposit is held by a designated/employing broker pending acceptance of the offer. After acceptance of the Offer to Purchase, the earnest money deposit is deposited in that broker's trust account. It is then transferred to and held in the escrow closing company's trust account. | | | | 
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