What is an Earnest Deposit and how much of an earnest deposit should I give?

The earnest money, earnest money deposit or good faith deposit is required to show your seriousness or willingness to purchase a home in Arizona.  It must be high enough to show good faith and is usually between 1-5% of the selling price of the home. 

If your offer is accepted then the earnest deposit, earnest money deposit or good faith deposit is credited towards your down payment or closing costs.

If your offer is rejected then your earnest deposit, earnest money deposit or good faith deposit is returned to you.

If you back out of the deal, you may lose your earnest deposit, earnest money deposit or good faith deposit. 

Please call 602 993-0000 to inquire about earnest payments, good faith deposits or earnest money deposits.