Serious money is usually paid back of the official evaluate, personal check, otherwise a cable tv import on a trust otherwise escrow account one to is actually held from the a real estate brokerage, judge corporation, otherwise term company. Money take place regarding the membership up to closure, if they are used for the the brand new buyer’s down-payment and you can closure can cost you.

If for example the earnest loans regarding the escrow account earn notice out-of more than $600, the buyer need certainly to fill out taxation mode W-nine into the Internal revenue service for the eye.

Additional jurisdictions possess additional judge products around earnest money. Such as for instance, Washington county legislature stipulates slightly various other definitions than just Minnesota legislation.

Is Earnest Money Refundable?

Serious currency actually constantly refundable. Read more