Once a contract to purchase has been accepted by the seller, when does the earnest money tendered with the contract need to be deposited into the appropriate escrow account?

1 business day after notice of acceptance

2 business days after notice of acceptance

3 business days after notice of acceptance

4 business days after notice of acceptance

3 business days after notice of acceptance

Explanation:

Earnest money has to be deposited by the buyer within three business days of acceptance of contract.

Earnest money is about 1 - 5% of the price stated in the contract.

If the buyer fails to pay the rest of the money stated in the contract, the seller can keep the earnest money deposited. But if the contract is terminated because of some problem with the house or the seller, then earnest money should be returned to the buyer.