Real Estate Law
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Good afternoon. That would not be correct. These are two separate and distinct concepts. Earnest money is posted to ensure the buyer closes and is forfeited by the buyer if the buyer fails to close without cause. Earnest money is not a closing cost; it simply gets applied to the purchase price when the transaction closes. Closing costs are things such as the cost of the title policy, transfer taxes, attorneys fees, commissions, recording costs, deed stamps, etc.
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