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LSDefine

Simple English definitions for legal terms

bargain money

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A quick definition of bargain money:

Bargain money, also known as earnest money, is a deposit made by a buyer to show that they are serious about buying something, usually real estate. This deposit is held in escrow and is forfeited if the buyer fails to complete the transaction. The amount of bargain money can be significant, sometimes thousands of dollars. It is not necessary to make a purchase agreement binding, but it serves as a source of payment for damages if the buyer defaults.

A more thorough explanation:

Bargain money, also known as earnest money, is a deposit made by a potential buyer to show their intention to complete a transaction, usually in the context of real estate. This deposit is often held in escrow and can be forfeited if the buyer defaults on the agreement.

While earnest money has traditionally been a small amount, such as a nickel or a dollar, in real estate transactions it can be a significant sum, sometimes amounting to thousands of dollars. It serves as a source of payment for damages if the buyer fails to fulfill their obligations.

For example, if a buyer wants to purchase a house for $200,000, they may be required to put down $10,000 in earnest money. If the buyer fails to complete the transaction, the seller may keep the earnest money as compensation for any damages incurred.

It's important to note that while earnest money is often used in real estate transactions, it's not essential to make a purchase agreement binding. The exchange of mutual promises between the buyer and seller is enough to create a legally binding contract.

bargained-for exchange | bargainor

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
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20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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