Earnest Money Deposit also known as Good Faith Deposit
Posted by Charisse Okamoto on Wednesday, November 23, 2022 at 10:00 AM
By Charisse Okamoto / November 23, 2022
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When you make an offer on a property, the seller will require an Earnest Money Deposit (EMD).
Why it is important? An EMD is a deposit made to show the seller that you're serious about your offer. It's usually 1-3% of the purchase price, and it goes toward your down payment if the offer is accepted.
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