Question: What is the minimum earnest money deposit required to create a binding purchase agreement? A - $1 as there must be monetary consideration to create

What is the minimum earnest money deposit required to create a binding purchase agreement?

A - $1 as there must be monetary consideration to create a binding contract

B - 10% as this is the minimum amount typically proven to discourage a buyer from defaulting

C - $1,000 so as to cover any expenses that the seller may incur in the event of the buyer's default

D - $0 as a purchase agreement is a bilateral contract in which the promise to perform is the consideration.

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