Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract. An earnest money' deposit' is not necessary to create a valid purchase contract because the mutual promises of the parties to buy and to sell are sufficient consideration to enforce the contract. If the buyer completes the purchase, the deposit money is applied toward the purchase price.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). deposit. Retrieved September 23, 2026, from http://smartdefine.org/deposit/definitions/1151862 |
| Chicago | Barry Goldsmith. 2010. "deposit" http://smartdefine.org/deposit/definitions/1151862 (accessed September 23, 2026). |
| Harvard | Barry Goldsmith 2010, deposit, Smart Define, viewed 23 September, 2026, <http://smartdefine.org/deposit/definitions/1151862>. |
| MLA | Barry Goldsmith. "deposit" 21 October 2010. Web. 23 September 2026. <http://smartdefine.org/deposit/definitions/1151862> |