A contract must have consideration, even if it is “but a peppercorn.” The earnest money amount is negotiable and can be whatever the parties agree upon. As a rule of thumb, 1-2% of the purchase price is common.
“A lot of things can happen to cause a real estate closing to fall through. But, I never worry that the closing attorney will be the cause of any problem when Shannon Elliott is handling the transaction. She and her staff are personable and easy to communicate with. When problems arise, they find ways to overcome them. I highly recommend them.”
J. Harper , real estate agent in Rankin County, MS