Question

A buyer writes an offer to purchase on a seller's property on Friday, January 13th. They negotiate for two days, with both parties finally signing on Sunday, January 15th and agreeing that CBS Realty will hold the earnest money. When will the earnest money need to be deposited?

a) Saturday, January 14th.
b) Monday, January 16th.
c) Tuesday, January 17th.
d) Wednesday, January 18th.

Answer 1

The earnest money will need to be deposited on Tuesday, January 17th.

Step-by-step explanation:

The earnest money will need to be deposited on Tuesday, January 17th.

According to the given information, the buyer and seller signed the agreement on Sunday, January 15th, and agreed that CBS Realty will hold the earnest money. Typically, earnest money is deposited within a few days of signing the agreement, allowing time for the necessary paperwork and processes. Therefore, the earnest money should be deposited on the next business day after Sunday, which is Tuesday, January 17th.