Included here are few basic words you will frequently use when on the path to purchase a property. Knowing them will ultimately assist you in your negotiations.
To help the buyer seal the deal, earnest money is deposited to the seller. This initial deposit ensures the buyer’s sincerity in purchasing the property, which becomes included in the buyer’s down payment once the transaction is finalized. However, if the transaction is terminated, the party that didn’t choose to terminate the deal gets the deposit. Until then, the earnest money is in a trust account shared by both the buyer and the seller.