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The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or broker?whatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.

The buyer and seller can negotiate the earnest money deposit amount, but it typically ranges from 1% to 3% of the sale price, depending on the market.

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property you're looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.

Who holds earnest money? Earnest money is typically held by a third party in an escrow account. The money remains in the account while both parties complete the terms of the contract. At closing, the funds are returned to the buyer and are often applied to the down payment or closing costs.

The Alaska purchase agreement allows a buyer to submit an offer to the seller. It will be considered a legally-binding contract if both parties agree to the sale price and contingencies. The contract typically includes an earnest money deposit sent to the real estate agent's escrow account upon acceptance.

Defeat in the Crimean War further reduced Russian interest in this region. Russia offered to sell Alaska to the United States in 1859, believing the United States would off-set the designs of Russia's greatest rival in the Pacific, Great Britain.