There are a few reasons why you pay earnest money when purchasing a home:
Demonstrate to the sellers that you're serious about buying the property.
Show the seller that you're financially capable of following through with the purchase.
Provide a financial stake in the transaction and help ensure that you don't back out of the deal unnecessarily.
Create a record of your good faith in the transaction.
Overall, earnest money helps create a sense of commitment and trust between you and the sellers, which can be crucial in ensuring your home purchase's smooth and successful completion.