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Earnest money is what you put down to show that you are serious about going through with a sale so the sellers will take the home off the market. To protect your earnest money, you will put contingencies in the contract. Examples of common contingencies include the home passing inspection, buyer being able to get financing, home appraising at or above sales price, etc.
So, for example, you put down $5,000 earnest money and the next week decide, eh forget about it, you really like the house down the street better than this one so you aren't going to buy it -- you may very well lose your earnest money.
However, say at the inspection, the inspector discovers a huge mold problem or (not so uncommon these days I am afraid) the house doesn't appraise for your purchase price, in both the instances you can walk away and your $ will be returned.
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Earnest money?
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