Create, sign, and download your earnest money agreement, a legal document that binds two parties during the purchase and sale of a property. 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.Earnest money contracts have contingencies that protect both the seller and the buyer. In case a sale goes through, earnest money is generally refundable. 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. The earnest money deposit is a check the buyer submits with their offer. It is only cashed when both buyer and seller have agreed to all terms of the offer. Earnest money, also known as a good faith deposit, is a sum you put down to show your commitment to buying a home. Purchase price at the time of closing the sale. You want to make a serious offer on real property.