What is earnest money?
Earnest money is a deposit a homebuyer puts down when making an offer to demonstrate serious intent to purchase. In Kansas, earnest money typically runs 1-2% of the purchase price and is held by a title company or escrow agent. It is credited toward the down payment at closing.
If the buyer backs out for reasons not covered by contract contingencies, earnest money may be forfeited to the seller. Kansas contracts typically include inspection, appraisal, and financing contingencies that protect earnest money.
down payment · closing costs · purchase contract
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