10/01/2026
Let me explain the earnest money deposit, because it scares every first-time buyer.
When your offer is accepted, you put down a deposit. Usually 1 to 2 percent of the price. That money sits in escrow. It is not a fee. It is your money, held to show you are serious.
At closing, it gets credited toward your down payment. If the deal falls apart for a reason your contract allows, like the inspection or the appraisal, you get it back.
The deposit is not the scary part. Going in without understanding the contract is the scary part.
Read before you sign. Ask before you guess.
Text 718-869-4795 and I will explain your contract in plain English.