Broker, Lightning Realty
Phone/Text: (813) 766-1501
As you can see below is the answer as to what an earnest money deposit is. I have an extensive buyers package I can send to you that explains the entire process inculding earnest money deposits from a-z. Email me and I will send it over to you.
Exit Realty Central
There is no legal requirement as to how much one needs to use. It is a form of goodwill for performance, so in essence it could be a Picaso or a car (that is why the Contract has an "other" section). There may be holding requirements for these other deposit types.
So the answer is that it is a subjective and completely negotiable matter.
Now an agents involvement with a deposit has laws of containment in the handling, but is also a broker by broker decision as to whether they choose to hold escrows.
I do not hold escrows in account so my instructions are for delivery within the lawful timelines to the agreed upon title company.
Escrow disputes account for most agent discipline actions with the FREC.
I included a State Of Florida DBPR document in PDF form that has many rules covered below.
Permitted Real Estate School Instructor
MORE Realty Services LLC
Lic. Real Estate Broker