What Is An EMD?
If you’re looking to buy a home, maybe you’ve heard the term EMD? Hi Everyone, this is Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. What do the letters EMD stand for? Earnest money deposit.
What is an earnest money deposit and where does it go? An earnest money deposit is the money a buyer deposits when putting in an offer. This money is usually 1 to 3% — or more — of the sales price of the home, and it shows a seller that the buyer is serious about purchasing the home, and they have some skin in the game.
Does The Seller Hold Onto The Money?
No, in most cases, the earnest money deposit is held with the escrow company. The earnest money deposit will get applied towards the buyer’s down payment and closing costs at closing.
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