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There is no hard law or regulation about minimum, maximum or anything in between about EMD. It's just a way for two parties to negotiate in good faith. Buyer deposits money with a neutral third firm, and from that point onwards, that firm will release money upon proper instructions from BOTH parties. If the sellers wants to be difficult about it, buyer has legal recourse through the court system. But usually EMD is resolved fairly quickly if deal falls apart (or disbursed upon closing to seller).REA's cannot legally do anything about EMD. They may be able to negotiate, but cannot demand a return or disbursement without their principals (or attorneys) authorizing it.Raheel Shahzad, Attorney, CPA, Real Estate AgentChicago, IL*Above is not legal advice but general information; your facts and jurisdiction may be different*
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