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Closing & Transactions

What is earnest money and how much should I offer?

By Steve Conley

Short Answer

Earnest money is a deposit made to show good faith when making an offer. In the Keys, earnest money typically ranges from 1% to 10% of the purchase price, depending on the property value and market conditions.

Steve Conley, Principal of the Conley Sales Group at COMPASS

Steve's Advice

Steve Conley

Principal, Conley Sales Group at COMPASS

Earnest money shows the seller you are serious. In the Keys, 1 to 3 percent of the purchase price is standard. The deposit is held in escrow and applied to your down payment at closing. A larger deposit can make your offer more competitive.

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More Questions

More questions in Closing & Transactions

What are typical closing costs for buyers in the Keys? How long does closing take in the Keys? What is a title search and why is it important? Can I close on a Keys home remotely? What happens during a Keys home closing? Do I need an attorney for a Keys real estate closing? How do inspections affect the closing process? What is a seller's net sheet? What should I bring to closing?

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