The holder of the earnest money should be outlined in the purchase contract. Most contracts require a buyer to act in good faith and to use due diligence to apply for a loan.The fee is meant to incentivize the seller to complete the due diligence process and provide evidence that the buyer is serious about buying the property. Most contracts include a due diligence deadline anywhere from seven days to two weeks after the agreement date. The main difference between due diligence money vs. Earnest money is that earnest money is refundable and the due diligence fee is usually not.