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Although money is the most common consideration, it is not a required element to have a valid real estate contract. An earnest money deposit from the buyer(s) customarily accompanies an offer to buy real estate and the deposit is held by a third party, like a title company, attorney or sometimes the seller. The amount, a small fraction of the ...
The word arras is Spanish, meaning "earnest money" (arrhae, plural of arrha), "bride price", or "bride wealth".The custom of using coins in weddings can be traced to a number of places, including Spain and Rome.
The number of days and the amount of the option fee, like sales price and earnest money, are among those features negotiated between a seller and potential buyer in the sale contract; in Texas, option fees typically range from $100 to $200, while earnest money ranges from one to several thousand dollars.
Earnest money is a "good faith" deposit the homebuyer provides with an offer, to show the seller an intent to follow through on a home purchase. The funds are typically held in an escrow account ...
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