- earnest payment
A partial payment (deposit) demonstrating commitment in a contractual relationship, and commonly made in real estate transactions. The remainder of the payment is due on a particular date or after a particular event has occurred. The seller keeps the earnest money if the buyer fails to make timely payment in full (or if there is a similar breach of the agreement).Category: Business, LLCs & Corporations → Self-Employed Consultants & ContractorsCategory: Real Estate & Rental Property → Buying a HouseCategory: Real Estate & Rental Property → Selling a House
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- earnest payment
n.a deposit paid to demonstrate commitment and to bind a contract, with the remainder due at a particular time. If the contract is breached by failure to pay, then the earnest payment is kept by the recipient as pre-determined (liquidated) or committed damages.
Law dictionary. EdwART. 2013.
Look at other dictionaries:
Earnest payment — An earnest payment (sometimes called earnest money or simply earnest, or alternatively a good faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to… … Wikipedia
earnest payment — Part payment or deposit made to demonstrate seriousness in the purchase of goods and services or to bind a contract, with the remainder due at a particular time. If the contract is breached by failure to pay the agreed balance, then the… … Business law dictionary
earnest money — earnest mon·ey n: money used as earnest Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. earnest money … Law dictionary
earnest — ear·nest / ər nəst/ n [Anglo French ernes(t) erles, alteration of Old French erres, plural of erre pledge, earnest, alteration of Latin arra, short for arrabo, from Greek arrhabōn, of Semitic origin]: something of value given by a buyer to a… … Law dictionary
earnest — earnest1 [ʉr′nist] adj. [ME ernest < OE eornoste < eornost, earnestness, zeal, akin to Ger ernst, seriousness (OHG ernust) < IE base * er , to set oneself in motion, arouse > RUN] 1. serious and intense; not joking or playful; zealous … English World dictionary
earnest — Synonyms and related words: abandoned, acquitment, acquittal, acquittance, advertent, afire, agog, alert, all ears, all eyes, amortization, amortizement, ardent, assiduous, attention, attentive, aware, awe inspiring, bail, binder, bond, bound,… … Moby Thesaurus
earnest money — A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. Often the contract provides for… … Black's law dictionary
Earnest Money — A deposit made to a seller showing the buyer s good faith in a transaction. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and… … Investment dictionary
earnest — I adj 1. fervent, fervid, perfervid, ardent, zealous, passionate, impassioned, intense; assiduous, diligent, intent, concentrated; firm, resolute, determined, Inf. bound and determined, decided, purposeful; serious, sincere, in earnest, Inf. for… … A Note on the Style of the synonym finder
payment — n 1. remuneration, compensation, reimbursement; remittance, installment, handsel, Insurance. premium; settlement, liquidation, quittance, discharge, reckoning; refund, rebate. 2. expenditure, outlay, disbursement, expense; defrayal, contribution … A Note on the Style of the synonym finder