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To sum up, earnest money, if performing all three functions-the payment, evidential and a guarantee-can be used as one of the means to secure a contract.
Earnest money performs the following three functions:
It is worth mentioning that banks have selected only 10 cities for providing the earnest money.
In the event that the Purchaser defaults on its obligations to purchase the Property, Dearborn LLC's sole remedy is to receive the Earnest Money as liquidated damages.