"In California, a buyer is required to provide a 'good faith deposit' when submitting an offer to purchase a property. This deposit, also known as an 'earnest money deposit', is held in a trust account and serves as a show of commitment from the buyer to the seller."
These are questions that the above text answers:
1. What is a 'good faith deposit' in California real estate transactions?
2. What is another term for a 'good faith deposit' in California real estate transactions?
3. What is the purpose of a 'good faith deposit' in California real estate transactions?
4. Where is a 'good faith deposit' held in California real estate transactions?
5. What does a 'good faith deposit' represent from the buyer to the seller in California real estate transactions?
6. What is the requirement for a buyer when submitting an offer to purchase a property in California?
7. What is the trust account used for in California real estate transactions?
8. What is the significance of a 'good faith deposit' in California real estate transactions?