What is earnest money? That is the amount of the deposit you put down or give to a escrow agent. Whenever you enter into a contract to purchase real property, the deposit is applied against the purchase price. Whenever you close the transaction and pursuant to the terms of whatever the contract provides for your deposit may be refunded to you. If you decide to cancel the transaction during your inspection period, or if the transaction is contingent upon you obtaining a mortgage and you don’t obtain the mortgage, then your deposit can be refunded if you notify the seller a timely, but that’s all controlled by the provisions of the real estate contract. So if you have any questions about that or need someone to review your contract, give me a call at (727) 847-2288.