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In this video, Annie Fitzsimmons, the Washington Realtors Legal Hotline lawyer, addresses seasoned realtors regarding the outdated practice of using promissory notes for earnest money. She emphasizes that this approach should be discontinued, arguing that many realtors rely on promissory notes because buyers often need extra time to deliver earnest money after mutual acceptance, typically wanting three to five days for various reasons such as accessing funds or waiting for inspection contingencies. Fitzsimmons suggests that this practice is antiquated and encourages realtors to move away from it.
