However, this can vary greatly based on numerous factors. A sales contingency is when you will need to sell your current home in order to close on the house you're offering to buy.Create, sign, and download your earnest money agreement, a legal document that binds two parties during the purchase and sale of a property. You should first contact the seller in writing. Inform the seller in writing that you wish to back out before the contingency deadline ends. Here's everything a home seller needs to know about an earnest money deposit, and how to keep the funds should a sale go south. 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. Earnest money is a deposit made to a seller, often in real estate transactions, that shows the buyer's good faith in a transaction. Filling out the Earnest Money Receipt is straightforward. Receiving an offer is an exciting time in the home selling process.