The COVID-19 virus has devastated small businesses, which are the engine of the U.S. economy. A recent survey by Goldman Sachs titled US Small Business Owners Face Great Uncertainty; Over Half Say They Cannot Operate Beyond Three Months revealed that 51% of small-business owners said they could not sustain more than three months of the current economic downturn.
The amount of the EMD should be discussed with your real estate agent. As a seller, this can be an important consideration to prevent a buyer from walking away from the contract. For a buyer, the “good faith” deposit amount confirms to the seller your intent to complete the transaction. What is an Ernest Money