Alright so let`s get serious about this one because well money…earnest money.
When an offer to purchase a house is made, you, as the buyer, will negotiate an “earnest money” deposit. This deposit shows the seller that you are serious about the offer or a “good faith payment” if you will.
The amount of the earnest money deposit varies based on the type of property being purchased and local market conditions. On an average Onslow County home, you should expect $250 (but remember always negotiable). But where does this money go you ask. The closing attorney is who will hold your “EMD” but don’t worry at closing that money is applied to the purchase price as a credit.
In the event the sale doesn’t close, (insert me crying) the sales agreement generally spells out the conditions under which you would forfeit the earnest money. All refunds of earnest money outside of the due diligence timeframe must be agreed upon by all parties. For example, if the seller meets all the terms of the contract, the seller will keep the earnest money. If the seller does not meet the terms of the contract, you, as the buyer, may receive a total or partial refund of the earnest money.