GB
Answered by Gurpreet Bhatti
Utah REALTOR® · USMC Veteran · UT Lic# 12907042-SA00
Earnest money is a good-faith deposit (typically 1–2% of purchase price) submitted with your offer. It shows the seller you are serious. It goes toward your closing costs at closing and is refundable under most contingencies including inspection objection and financing failure. In Utah, earnest money is held by the title company.
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