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Earnest Money Deposits

Updated: Sep 25, 2023



The earnest money deposit keeps the buyer honest and it's something that is a recourse for the seller to use if the buyer does something in breach of contract (most typically, withdrawing from the contract outside of contractually allowable contingencies) that could cause the seller financial harm.


EMD Basics:

Why EMD?

When Can the Buyer Lose Their EMD?

EMD Isn't the Limit of the Buyer's Liability

Getting Your Money Back

Customary in VA, Not a Legal Requirement

Amount

Forms of Earnest Money Deposit

Holder of EMD

EMD Details for Turning in 1:

Location of EMD on Contracts in SE VA

EMD Memo

Take a Picture or Screenshot

Timing for EMD

EMD Terms in REIN Offers

EMD Drop Off & Mail

EMD Wires

How to Fill Out an EMD Check



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