Final answer:
A promissory note for earnest money should generally be made out to the seller, as a sign of the buyer's good faith and intent to purchase property.
Step-by-step explanation:
A promissory note for earnest money should be made out in the name of the seller. This is because earnest money is a deposit made to a seller indicating the buyer's good faith in a transaction. When a buyer makes an offer on a property, they may include earnest money to show that they are serious about the purchase.
The promissory note acts as a binding agreement where the buyer promises to pay the earnest money, and often it will be held in escrow by a neutral third party until the purchase is finalized. It is not appropriate for the earnest money to be made out to the agent, broker, or the buyer themselves as this could lead to conflicts of interest or issues with the transaction.