Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

Thinking of Selling Your Home? Read This.

Energized Realty Group has experience in all areas of North Queens Real Estate including Queens Houses, Queens Co-ops, Queens Condos, and Queens Apartments. If you are looking to sell a home in Bayside, Beechhurst, College Point, Douglaston, Flushing, Fresh Meadows, Little Neck, Malba or Whitestone, or selling a NY Condo or Co-op be sure to contact Energized Realty Group. If you are looking to buy, we showcase an incredible selection of North Queens houses for sale and co-ops/condos for sale.