Which term is best defined as a deposit to the seller that shows the intention of completing the transaction?

Question

Mathematics

Nick Lane

12 October, 16:41

Which term is best defined as a deposit to the seller that shows the intention of completing the transaction?

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Answers (2)

Know the Answer?

Brodie Campbell · Answer 1

The answer to this question is "Earnest money". This is defined as the money paid to a merchant or seller to complete a contract or money paid to a merchant / seller to show good faith in the transaction. This also allows the buyer to get more time to save up to pay for the remaining balance.

Nasir Odom · Answer 2

The term that is best defined as a deposit to the seller that shows the intention of completing the transaction is called "earnest money". This is basically the money that is paid by a person to a seller for closing a contract. The advantage lies in the fact that the seller will get some additional time for paying the remaining balance.