The answer to this question is “Earnest money”. This is
defined as the money paid to a merchant or seller to complete a contract or money
paid to a merchant / seller to show good faith in the transaction. This also
allows the buyer to get more time to save up to pay for the remaining balance.
The term that is best defined as a deposit to the seller that shows the intention of completing the transaction is called "earnest money". This is basically the money that is paid by a person to a seller for closing a contract. The advantage lies in the fact that the seller will get some additional time for paying the remaining balance.
