Earnest Money is a good faith deposit given by the buyer to the Title Company to show the seller their seriousness about buying their home and for them to take the home off the market until closing. 

This amount typically ranges from 1% – 3% of the Purchase Price. If you find yourself in a multiple offer situation, consider increasing your Earnest Money and always remember, your Earnest Money is applied to the purchase of the home so in essence it is a deposit made prior to the close date