You may also need to make a good faith deposit of 1 % to 10 % of the purchase price into an escrow account. (bankofinternet.com)
You are offering this money as a good - faith deposit toward the purchase of the home. (homebuyinginstitute.com)
Many sellers want prospective borrowers to put up earnest money, which is similar to a good faith deposit showing they're serious about buying the property. (veteransunited.com)