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Save Earnest Money Promissory Note in Excel

Save Earnest Money Promissory Note in Excel

Aug 6th, 2022

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How to Save Earnest Money Promissory Note in Excel

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In this video, Annie Fitzsimmons, a Washington Realtors Legal Hotline lawyer, addresses experienced members regarding the outdated practice of using promissory notes for earnest money. She urges Realtors to stop this practice, explaining that many believe a promissory note is necessary because buyers often need extra time—three to five days—to deliver earnest money after mutual acceptance. They may wish to wait for various reasons, such as retrieving funds or addressing inspection contingencies. However, Fitzsimmons emphasizes that there are better approaches to manage earnest money deposits without resorting to promissory notes.

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