 |
| Home | Buying | Selling | Home Search | Our Guarantee | Blog | About Us | Contact Us | Local Resources |
|
Member of the Ulster Member of the New York |
Buying a House |
||
|
Offer is Accepted and You Submit a Binder Deposit Once the buyer and seller come to terms on the price and any contingencies, both the buyer and the seller sign a binder. The buyer places a deposit in an escrow account to be held until the closing settlement. The binder deposit is also called earnest money or a good faith deposit because it demonstrates to the seller that the buyer is serious about completing the real estate transaction and is monetarily invested in making the transaction work. |
||