However, this can vary greatly based on numerous factors. Earnest money is a deposit you pay upfront as the home buyer when submitting an offer as a sign of good faith.Don't give earnest money until you have a contract. That deposit doesn't hold the house without a contract. Once our offer is accepted, the Initial Deposit, also known as the Earnest Money Deposit (or the Good Faith Deposit), is due within 1 day (2 at the most). An Earnest Money Agreement is a great way for a potential buyer or renter of real estate to show that he or she is serious about purchasing or renting. What you need is to file the offer and earnest money check with the county against the title of the property. Five FAQs About Earnest Money Answered - San Jose Business Lawyers. But in the Bay Area, our standard of practice is to provide the disclosure package to the buyer upfront, before they make an offer. Purchase price at the time of closing the sale.