earnest money

A downpayment of part of the purchase price made to bind the bargain. A part payment of the purchase price, within the meaning of the statute of frauds. Goddard v Monitor Mut. Fire Ins. Co. 108 Mass 54; 49 Am J1st Stat of F § 265. A downpayment or deposit required at an auction sale. 7 Am J2d Auct § 45.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • earnest money — earnest mon·ey n: money used as earnest Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. earnest money …   Law dictionary

  • Earnest money — Earnest Ear nest, n. [Prob. corrupted fr. F. arrhes, L. arra, arrha, arrhabo, Gr. arrabw n, of Semitic origin, cf. Heb. [=e]r[=a]v[=o]n; or perh. fr. W. ernes, akin to Gael. earlas, perh. fr. L. arra. Cf. {Arles}, {Earles penny}.] 1. Something… …   The Collaborative International Dictionary of English

  • earnest money — money given to a seller by a buyer to demonstrate the buyer s good faith. If the deal falls through, the deposit is usually forfeited. Bloomberg Financial Dictionary * * * earnest money earnest money ➔ money * * * earnest money UK US noun [U] ►… …   Financial and business terms

  • Earnest Money — A deposit made to a seller showing the buyer s good faith in a transaction. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and… …   Investment dictionary

  • earnest money — A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. Often the contract provides for… …   Black's law dictionary

  • earnest money — money paid as security …   English contemporary dictionary

  • earnest money — noun money given by a buyer to a seller to bind a contract • Syn: ↑arles • Hypernyms: ↑earnest …   Useful english dictionary

  • earnest-money — n. Earnest, pay in advance (to bind a bargain), handsel …   New dictionary of synonyms

  • earnest money — noun Money paid as a deposit to show intent to buy or to reserve an item to be purchased; especially, money accompanying an offer to buy real estate …   Wiktionary

  • earnest money — Law. money given by a buyer to a seller to bind a contract. [1550 60] * * * …   Universalium

  • earnest money — ear nest mon,ey noun uncount AMERICAN money that you pay to show you intend to do what you have promised to do …   Usage of the words and phrases in modern English

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