When Buying a Home, What is Earnest Money?

Utah Real Estate

Earnest money is money that you offer with a Utah real estate contract that says you are serious about buying the house.  In Utah, earnest money can range from $500 for a $140,000 home to $2500 for a half a million.

Under the Utah Real Estate contract, you can always get the earnest money back if you decide to cancel the contract for one of three reasons:

1 ) Buyer due diligence – if you do not like something about the house.

2) Appraisal Condition – if the house does not appraise for the purchase price and

3) Financing Condition – if you do not like the financing and loan options to purchase the house.

Don’t think that once you give the money then it is gone for good. As long as you are before deadlines,  then you can cancel the contract for any of these three reasons and get…

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