It is usually held by the title company, an escrow agent or an attorney until closing, where it counts toward your down payment and closing costs.
Why it matters
The purchase contract decides when you can get it back. If you walk away for a reason the contract allows, such as a failed inspection or financing falling through within the deadlines, it is normally returned. Otherwise you may lose it.
Where you meet it
Right after your offer is accepted. Read the contingencies and deadlines with your agent before you sign.
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