Earnest money is put down to show the seller that you have good faith intentions for purchasing the property. In North Carolina, in our market typically the closing attorney you choose holds your earnest money. If you back out of a contract during the due diligence period, you typically get your earnest money back.
We see a range of earnest money. On most residential transactions, we see ranges from $1,000 to 1% of the contract price as earnest money. Each sale is unique and different though, and with buyers and seller we work with, we counsel on an individual basis what a good earnest money amount is.
Disclaimer: This blog is used to provide general information but not professional advice. We work with our clients on a case by case basis and every situation is unique.