This money is a sign of your commitment to the transaction. It will go towards your closing costs and/or down payment when your transaction closes; in the meantime, it is held by escrow or by your agent’s firm. A buyer’s earnest money can be protected by contingencies such as inspections and financing, but is at risk if the buyer defaults on the agreement.
Your agent will need a check from you at or before mutual acceptance is reached on an agreement between you and a Seller. It will be deposited in the agreed upon location and kept in a pooled trust account.