A Comprehensive Guide to Earnest Money in Michigan: Understanding How It Works, Refund Conditions, and Legal Protections

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A Comprehensive Guide to Earnest Money in Michigan: Understanding How It Works, Refund Conditions, and Legal Protections

Introduction to Earnest Money Earnest money serves as a crucial element in real estate transactions, particularly in Michigan, where it is utilized to illustrate a buyer’s serious intent to purchase a property. This monetary deposit, which is typically submitted alongside an offer to buy, acts as a security measure for the seller. The earnest money indicates that the buyer is committed to following through with the purchase, granting the seller …