Question

a buyer purchases a home in an area where closings are traditionally conducted in escrow. which item would a buyer deposit with the escrow agent before the closing date? cash needed to complete

Answer 1

The buyer should deposit earnest money to the escrow agent before the closing date .It is known as earnest money deposit (EMD).

Earnest Money: What Is It?

Earnest money is a deposit given to a seller to show that a buyer has the intention to make a purchase, like the purchase of a new house. With the money, the buyer has more time to secure financing, do a title search, have the property valued, and have inspections done before closing. Earnest money can be seen in a variety of ways, including as a down payment on a house, an escrow deposit, or good faith funds.

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