Is an earnest money deposit required in Kentucky to make a real estate contract legal?

  • March 10 2012 - Paducah
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Answers (2)

Profile picture for nwhome.us
Earnest Money demonstrates how earnest (or motivated) a buyer is. There is no requirement to present earnest money in the agreement.  You could present a note if you'd like.
This element of any deal is simply a way of telling the seller that you are serious about buying this property.  the contingencies in the agreement are meant to protect that money and this is why it is important to understand how the contingencies work and the time frames that govern them.
Presenting a large earnest money deposit strengthens any offer. In situations where a low offer is presented, a higher earnest money demonstrates that, even though your offer is low, you are very serious about buying the property.
Conversely, a low earnest money may simply result in the seller rejecting any offer.
  • March 10 2012
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The only thing that makes a contract legal and binding are the signatures of both parties.
  • March 10 2012
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