good faith deposit

Definition

A deposit paid by a buyer to a seller to demonstrate intention to complete the purchase. also called earnest money.

Use good faith deposit in a sentence

The good faith deposit was gladly made by the individual who was happy to have the opportunity to make the purchase.

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You should try and offer a good faith deposit the first time you do business with someone and they don't trust you yet.

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It was a good faith deposit and I was glad to get it cause that meant they had a strong intent to complete the purchase.

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good faith good faith estimate