Earnest Money Deposit: This is the deposit you make to show your good faith that you are committed to purchasing the home. The deposit will not be refunded to you after offer acceptance unless one of the purchase and sales contract contingencies is not satisfied. Your earnest money deposit is credited back to you at closing towards down payment or closing costs if the offer is accepted.
Every time I write a Purchase and Sale Contract (Form 21) for my buyer clients I am obligated by the contract terms to collect the earnest money. The Purchase and Sale Contract spells out in detail what happens to this earnest money.
Earnest Money. Buyer shall deliver the Earnest Money within 2 days after mutual acceptance of this Agreement
to Selling Broker who will deposit any check to be held by Selling Firm, or deliver any Earnest Money to be held by Closing Agent, within 3 days of receipt or mutual acceptance, whichever occurs later.
There is no need to worry about your money, it will be placed in a trust account at either the selling brokerage or at the closing agent office, which is usually an escrow company. When it comes time to close your transaction you will see a credit for your earnest money on your closing statement. It really is still yours.