MLchartDataset catalogue

Earnest payment

Term · Law · MLC-T-LAW-001793

A deposit made by a buyer to a seller to demonstrate a serious intent to purchase a property or good. This payment is held in escrow and applied to the purchase price at closing. If the buyer defaults on the contract without valid reason, the seller may retain the earnest money.

Table 1. Record
IdentifierMLC-T-LAW-001793
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-001793",
  "term": "Earnest payment",
  "field": "Law",
  "definition": "A deposit made by a buyer to a seller to demonstrate a serious intent to purchase a property or good. This payment is held in escrow and applied to the purchase price at closing. If the buyer defaults on the contract without valid reason, the seller may retain the earnest money.",
  "url": "https://mlchart.com/terminology/law/earnest-payment/"
}

Record 1,679 of 5,441 in Law terminology (MLC-0107). Request the full dataset.