Michigan Earnest Money Deposit Agreement, also known as the Earnest Money Receipt, is a legal document used to protect both the buyer and seller in the purchase and sale of real estate in the state of Michigan. This agreement outlines how much money the buyer must put down as a good faith deposit, as well as the procedures for the return of the deposit in the event of a failed transaction. There are two main types of Michigan Earnest Money Deposit Agreement: the Michigan Standard Earnest Money Deposit Agreement and the Michigan Multiple Counter-Offer Earnest Money Deposit Agreement. The Standard Earnest Money Deposit Agreement is used when a buyer makes an initial offer on a property. It states the amount of the deposit, how long the buyer has to make a counter-offer, and the conditions under which the deposit will be returned if the sale does not go through. The Multiple Counter-Offer Earnest Money Deposit Agreement is used when more than one buyer is making an offer on the same property. This agreement outlines the procedures for the return of the deposit in the event of a failed transaction and also specifies how the deposit will be distributed if more than one buyer is successful.