deposit
Deposit
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
deposit
Money paid to ensure performance under a written or oral contract.Many states require that lease and other such deposits be maintained in escrow accounts and earn interest which must be paid to the party when the deposit is refunded.All real estate brokers must place earnest money deposits in escrow accounts. One must carefully examine the particular contract language relative to deposits in order to determine the circumstances under which they may be withheld from the depositor.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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