In New York State, 3 real estate lawyers are telling me that there is no such thing as an "Earnest Money Deposit".

Asked by Thatboyjack, Mastic Beach, NY Fri May 10, 2013

I'm being told that I MUST provide a down payment, even though I'm receiving 100% financing (VA Loan). How can I put money up to show the seller I am serious and that this monies will be liquidated damages in the event that I default, and I can still receive/ be refunded this money back at closing (I'll more than likely use it to pay some of my closing costs). The contract already has a provision for a 4% concession from the seller. I do not want to put my deposit towards the purchase price. I need input from NYS real estate pro's. Thank you.

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