Earnest Money Deposit
Typically, the title company who is going to close the sale will hold the earnest money for the Buyer for it to be credited to the Buyer’s fees at closing. As a by owner seller, you may want to have a title company selected in advance of placing your home on the market. Buyers will simply not be comfortable with writing a check directly to you.
The earnest money amount can be whatever you agree upon with the Buyer. Standard is 1% to 3% of the sale price of the home.