Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

bargain money

Read a random definition: diminution in value

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
LSD+ is ad-free, with DMs, discounts, case briefs & more.