Thinking about buying a house in the Dallas area? The standard NC contract also has a separate amount for earnest money which is not forfeited until due diligence closes.A comprehensive guide on earnest money in Texas covering definitions; requirements and calculations; payments, disputes, and refunds; and more. If the contract was contingent on loan approval, then your earnest money should be returned. Earnest money is a deposit made to a seller, often in real estate transactions, that shows the buyer's good faith in a transaction. Due diligence and earnest money are fees you pay upfront when you enter a contract to buy a home from a seller. Which Happens First, Earnest Money or Due Diligence? The earnest money deposit is a contractual deposit spelled out in the PSA. Most contracts include a due diligence deadline anywhere from seven days to two weeks after the agreement date.