Deposit deadline
The date by which the buyer must deliver earnest money after the offer is accepted, often within one to three business days. Missing it can put the buyer in default.
Also called: earnest money deadline, EMD due date
Related terms
A deposit the buyer puts down after the offer is accepted to show they are serious. It is held in escrow or a trust account and usually goes toward the down payment or closing costs at closing.
An arrangement where a neutral third party holds money and documents until every condition of the sale is met. Some states use escrow companies to close; others use title companies or attorneys.
A contract clause that makes every deadline strict. Missing a date, even by a day, can be a breach and can cost the late party their rights under the contract.
When one side fails to meet its obligations under a contract or loan. In a purchase, the contract spells out remedies, which often include the seller keeping the earnest money.