The deposit that shows a seller you're serious. Here's how it works in a Nebraska purchase agreement.
Earnest money is a good-faith deposit you put down after your offer is accepted. In Omaha, it's usually about 1% of the price, though it's negotiable. It's usually held by the title company or the listing brokerage's trust account, and it goes toward your down payment and closing costs at closing. You can usually get it back if you cancel within a contingency, such as inspection or financing, on time.
The purchase agreement says how much earnest money and when it's due, usually within a few days.
To the title company or the brokerage holding it in trust.
Inspection, appraisal, and financing deadlines. Cancel within one and you usually get the money back.
The deposit is credited toward your down payment and closing costs.
It reduces what you bring to closing.
Within a contingency, following the contract.
Missing a deadline or backing out without a contract reason can forfeit it to the seller.
Scammers send fake emails with new wire instructions right before closing. Always call the title company at a number you already have to confirm instructions before you wire anything.
No, but it counts toward it. At closing, your earnest money is credited toward your down payment and closing costs.
If you back out for a reason the contract doesn't allow, or miss a deadline. Read your contingency dates carefully.
It can, especially in a multiple-offer situation. It shows the seller you're committed. Only offer what you could afford to lose if something went wrong.
Usually by wire, cashier's check, or personal check, depending on who holds it. Always confirm wire instructions by phone before you send money.
I'll walk you through earnest money, deadlines, and every contingency before you sign.
Get in touch →