Most agents default to two days because it corresponds to the option timing. Yet the only language in the contract (referring to One to Four Resale) relating to EMD is the 2nd sentence of Section 5: "Buyer shall deposit additional EM of $XX with escrow agent within XX days..." This only qualifies if additional money is required.
Best course of action: Get the EMD to title as quickly as possible after the contract has been executed.
You need to check Iowa rules/laws. In TX while the contract does not stipulate a number of days TREC has ruled that 2 business day is the reasonable number. If the parties want an extended time frame it must be stipulated in special provisions within the cntract.
IF Texas - typically earnest money is applied towards buyers closing cost(s).
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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My fellow agents are correct. After the contract has been executed by both parties to the transaction, the buyer has 2-3 calendar days to submit the earnest money along with the contract to the title company.
Keller Williams Realty