legal  money


Question by  pilotneko (15)

What can you tell me about earnest money for a contract in Texas?

I need to pay earnest money in Texas on a contract.


Answer by  mikkie180 (167)

"Earnest money" is a good faith deposit to show that the buyer is serious about the purchase. Earnest money is not required when making a contract on the purchase of a home in the State of Texas, but I, as a Realtor, would never recommend a seller accept a contract without the buyer submitting earnest money.


Answer by  leilahlana (49)

Earnest money is not required but very beneficial in the state of Texas and all states. However, make sure there has been a contract written up regarding earnest money. Review any contracts regarding earnest money to make sure that you can regain your money if the sale is canceled by either you or the seller.


Answer by  Kurt (4579)

Earnest money is like a deposit that you put down to bind both parties to the contract. What happens to the earnest money depends on the contract language.

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