Finance
What is 'earnest money' typically used for after closing in an Oregon real estate transaction?
AIt is returned to the buyer in full at closing
BIt is credited toward the buyer's down payment and closing costs✓ Correct
CIt is paid directly to the listing broker as a partial commission
DIt remains in escrow for 90 days after closing
Explanation
At closing in an Oregon transaction, the earnest money deposit held in escrow is applied as a credit toward the buyer's funds needed at closing — it counts as part of the down payment and/or closing costs. The buyer only needs to bring the difference between the earnest money already deposited and the total funds required at closing.
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