Consideration and Earnest Money

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Real Estate Contracts

Section 32 of 45

Consideration and Earnest Money - The consideration in a sale contract is the promises the buyer and seller make to each other. Most contracts also include an earnest money deposit, which shows the buyer’s serious intent to purchase. Earnest money is not required to make a contract valid, but it strengthens the agreement. If the buyer breaches the contract, the seller may be allowed to keep the earnest money as liquidated damages.