Earnest money is delivered within 24–72 hours of a ratified contract and held in escrow by a neutral third party — typically the title company or listing brokerage. At closing, it is credited toward your down payment or closing costs. If you honor the contract, it is always your money.
Key Points
Typical Size
1%–3% of purchase price in Northern Virginia; higher signals seriousness in competitive scenarios.
Refundable
Within an active contingency period.
At Risk
Only if you default on the contract without a contingency to invoke.
The Buyer's Checklist
- Typical Size
1%–3% of purchase price in Northern Virginia; higher signals seriousness in competitive scenarios.
- Refundable
Within an active contingency period.
- At Risk
Only if you default on the contract without a contingency to invoke.