earnest money

A deposit paid (often in escrow) by a prospective buyer (esp. of real estate) to show a good-faith intention to complete the transaction, and ordinarily forfeited if the buyer defaults.

• Although earnest money has traditionally been a nominal sum (such as a nickel or a dollar) used in the sale of goods, it is not a mere token in the real-estate context: it may amount to many thousands of dollars.

— Also termed earnest; bargain money; caution money; hand money. Cf. BINDER(2); down payment under PAYMENT. [Cases: Vendor and Purchaser 69.1, 182. C.J.S. Vendor and Purchaser §§ 135, 137–138, 425.]

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