Earnest Money: Definition
What is earnest money? A deposit made by a buyer to demonstrate serious intent to purchase a property. In Ohio, earnest money is typically held in escrow by the listing brokerage or a title company and applied toward the purchase price at closing.
Earnest Money
A deposit made by a buyer to demonstrate serious intent to purchase a property. In Ohio, earnest money is typically held in escrow by the listing brokerage or a title company and applied toward the purchase price at closing.
Key Points
- •Typically 1–3% of purchase price in Ohio
- •Held in escrow, not paid directly to seller
- •Refundable if buyer exits under contingency terms
- •Forfeited if buyer breaches the purchase agreement without cause
Related Terms
This content is for informational and educational purposes only. It does not constitute legal or real estate advice specific to your transaction or situation. Ohio real estate transactions involve legal and contractual obligations. Consult a licensed Ohio real estate professional and a qualified Ohio attorney before making any real estate decision. Sommer Ronk is licensed in Ohio with Coldwell Banker Realty, Ohio License #2019002887.