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Simple English definitions for legal terms

earnest payment

Read a random definition: fixed surveillance

A quick definition of earnest payment:

An earnest payment is money that a home buyer gives to the seller to show that they are serious about buying the house. The money is put into a special account called an escrow account. The buyer only gets the money back if they can't buy the house for reasons that were agreed upon in the contract. If the buyer changes their mind for a different reason, they lose the money.

A more thorough explanation:

Earnest Payment

An earnest payment is money that a home buyer sets aside into an escrow account after signing a sale contract with the seller. This payment shows the seller that the buyer is serious about purchasing the property. The contract outlines the terms of the sale, including conditions that must be met before the sale can be completed. If the buyer fails to meet these conditions, they can get their earnest payment back. However, if the buyer breaks the agreement for a reason not included in the contract, they forfeit the earnest payment.

For example, let's say John wants to buy a house from Jane. They sign a sale contract, and John puts $5,000 into an escrow account as an earnest payment. The contract states that John must get financing approval and a satisfactory home inspection before the sale can be completed. If John meets these conditions, the sale will go through, and the earnest payment will be applied to the purchase price. However, if John fails to meet these conditions, he can get his earnest payment back. If John decides not to buy the house for a reason not included in the contract, he forfeits the earnest payment.

Another example is when a buyer wants to purchase a car from a seller. They sign a sale contract, and the buyer puts $1,000 into an escrow account as an earnest payment. The contract states that the buyer must get a satisfactory inspection of the car before the sale can be completed. If the inspection goes well, the sale will go through, and the earnest payment will be applied to the purchase price. If the inspection does not go well, the buyer can get their earnest payment back.

These examples illustrate how an earnest payment works in a sale contract. It shows the seller that the buyer is serious about the purchase and provides some security for the seller. It also protects the buyer by allowing them to get their money back if certain conditions are not met.

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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.
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