Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The amount of earnest money is negotiable and not a legally mandated percentage in Texas. - Earnest money must be delivered to the escrow agent, typically a title company, within 3 days of the contract's effective date. - If a buyer defaults without a valid contingency, the seller is generally entitled to keep the earnest money. - If a seller defaults on the contract, the buyer is entitled to a full refund of their earnest money. - The crucial difference between earnest money (a refundable good-faith deposit) and the option fee (a non-refundable payment for the right to terminate). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep