Asked by Kristy McCormick on May 28, 2024
Verified
______money is a sum of money that the buyer puts up along with the offer to buy the property. By doing so, the buyer indicates that he or she is making a serious offer.
A) Real
B) Earnest
C) Contractual
D) Down
Earnest Money
A deposit made by a buyer to demonstrate commitment to a purchase agreement, often used in real estate transactions.
Serious Offer
An offer made in earnest, usually in a contractual context, implying a genuine intent to enter into an agreement.
Contractual
Pertaining to or involving agreements between two or more parties that are binding and enforceable by law.
- Recognize the steps and legal considerations in property transactions, including eminent domain, life estates, and sales processes.
Verified Answer
RC
Recel CabralMay 31, 2024
Final Answer :
B
Explanation :
Earnest money is a deposit made to a seller showing the buyer's good faith in a transaction. This is often used in real estate transactions to demonstrate the buyer's seriousness about purchasing the property.
Learning Objectives
- Recognize the steps and legal considerations in property transactions, including eminent domain, life estates, and sales processes.