In section 4 of your purchase agreement you will find details on earnest money:  amount, when it is due, who will hold the funds.

Earnest money deposits are involved in almost every real estate transaction.

"Earnest money" is nothing more than a deposit of part payment of the purchase price on a sale to be consummated in the future. In the context of a real estate transaction, several courts have defined earnest money as a comparatively small sum of money paid down as an assurance that the party making the offer is acting in earnest and good faith.

Note:  your check will be cashed and the funds deposited into a trust or special account.  When your purchase closes the earnest money will be credited to you at the closing table (it will go toward your purchase of the property).

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