What is another word for earnest money?
Pronunciation: [ˈɜːnəst mˈʌnɪ] (IPA) 
Earnest money, also known as a good faith deposit, is a financial commitment made by a buyer to show their sincerity and seriousness in purchasing a property or entering into a contract. When it comes to synonyms for "earnest money", some of the options include security deposit, initial deposit, down payment, and advance payment. In certain situations, the terms "binder" or "booking deposit" may also be used to refer to earnest money. Regardless of the terminology used, earnest money serves as a guarantee that the buyer is committed to following through with the transaction. The amount of earnest money is usually a percentage of the total purchase price and can vary depending on the specific agreement reached between the buyer and the seller.
