Earnest payment - Wikipedia

earnest penny, · Arles penny, or · God's silver (in Latin · Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the ... Earnestpayment FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch KindofcommitmentfeeThisarticleneedsadditionalcitationsforverification.Pleasehelpimprovethisarticlebyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.Findsources: "Earnestpayment" – news ·newspapers ·books ·scholar ·JSTOR(October2013)(Learnhowandwhentoremovethistemplatemessage) "Earnestmoney"redirectshere.FortheBritishIndianArmygeneral,seeErnestMoney. Anearnestpaymentorearnestmoneyisaspecificformofsecuritydepositmadeinsomemajortransactionssuchasrealestatedealingsorrequiredbysomeofficialprocurementprocessestodemonstratethattheapplicantisseriousandwillingtodemonstrateanearnestofgoodfaithaboutwantingtocompletethetransaction.[1] IntheMiddleAges,theearnestpaymentwascalledvariouslyanearnestpenny,Arlespenny,[2]orGod'ssilver(inLatinArgentumDei).Itwaseithermoneyoravaluablecoinortokengiventobindabargain,notablyforthepurchaseorhiringofaservant.AccordingtoBlack'sLawDictionary(sixthed.),EtcepitdepraedictoHenricotresdenariosdeArgentoDeipraemanibus("AndhetookitfromtheaforesaidHenry[sealedbya]silverthreepence[piece]handedover[inthesightof]God"). Apotentialbuyerofpropertyofhighvaluesuchasresidentialrealestategenerallysignsacontractandpaysasumacceptabletothesellerbywayofearnestmoney.Theamountvariesenormously,dependinguponlocalcustomandthestateofthelocalmarketatthetimeofcontractnegotiations. Iftheselleracceptstheoffer,theearnestmoneyisheldintrustorescrow. Thesefundsmaybehelddirectlybytherealestatebroker(asintheStateofNewYork)orbyasettlementortitlecompany(asinstateslikeCalifornia,Florida,andTexas). Whenthetransactionissettledthenthedepositisappliedtothebuyer'sportionoftheremainingcosts.Iftheofferisrejected,theearnestmoneyisusuallyreturned,sincenobindingcontracthasbeenenteredinto.[citationneeded] Seealso[edit] King'sshilling Listofrealestatetopics References[edit] ^Andrews,Neil(2016).Arbitrationandcontractlaw :commonlawperspectives.Switzerland:Springer.pp. 279–333.ISBN 978-3-319-27142-2. ^"Arlespenny".Webster'sRevisedUnabridgedDictionary.Retrieved2014-07-11. Thisrealestatearticleisastub.YoucanhelpWikipediabyexpandingit.vte Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Earnest_payment&oldid=1054476831" Categories:PaymentsystemsCommonlawlegalterminologyPropertylawlegalterminologyRealestatestubsHiddencategories:ArticleswithshortdescriptionShortdescriptionmatchesWikidataArticlesneedingadditionalreferencesfromOctober2013AllarticlesneedingadditionalreferencesAllarticleswithunsourcedstatementsArticleswithunsourcedstatementsfromOctober2021Allstubarticles Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk Variants expanded collapsed Views ReadEditViewhistory More expanded collapsed Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Languages CatalàČeštinaDeutschമലയാളംਪੰਜਾਬੀPortuguêsРусскийSvenskaไทย Editlinks