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In this video, Annie Fitzsimmons, the Washington Realtors Legal Hotline lawyer, addresses experienced Realtors about the outdated practice of using promissory notes for earnest money. She advises against this method, suggesting that it is unnecessary. Many believe promissory notes are needed because buyers require extra time to provide earnest money after mutual acceptance, but Fitzsimmons encourages abandoning this practice. She emphasizes that buyers often request extensions to send money for various reasons, like waiting for inspections. Ultimately, she highlights the need to modernize the approach to earnest money deposits, advocating for more efficient practices.