Earnest Money:

A deposit given to the seller or seller's sales professional by the potential buyer upon signing the agreement of sale. The deposit shows that the buyer is serious about buying the property, an expression of good faith. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money is forfeited or lost unless the binder or offer to purchase expressly provides in writing that it is refundable. Also known as Earnest Money Deposit.

Earnest Money Deposit:

A deposit given to the seller or seller's sales professional by the potential buyer upon signing the agreement of sale. The deposit shows that the buyer is serious about buying the property, an expression of good faith. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money is forfeited or lost unless the binder or offer to purchase expressly provides in writing that it is refundable. Also known as Earnest Money.