In the state of Florida, and I’m pretty sure that in MOST states across the U.S., there’s no Earnest Money required to make a real estate contract legal or enforceable.
As a real estate licensee, we’re required to attend a pre-licensing training class, which is 45 hours long. We’re issues a handbook which overs the Laws, Principals, and Practices of being a real estate licensee.
I found a copy of the 2004 Edition on Google Books, which is the latest one that I could find for free.
On Chapter 11 – Page 208 – Line 28 thru 43 in the Pre-Licensing Requirement Handbook, (the chapter about contracts), it specifically states that NO MONEY is required to make a contract enforceable, and explains what “consideration” really means.
I took a screenshot of the page out of this book, all you have to do to view this page is LIKE THIS POST to unlock the image!!! This should settle the score ONCE AND FOR ALL.
How Much Earnest Money is Required on a Real Estate Contract? Answer: NONE! (See Below)
However, there may be some situations where your sellers WANTS an earnest money deposit… if you find yourself in this situation, check this out.
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