Texas Terminating Contract within 3 Days-Earnest Deposit Needed?

[Priyanka K.]

Hello fellow REIs,

I have a quick question on Earnest money check deposit on a property in Texas. Per TREC contract, Earnest check has to be deposited within 3 (business) days. My question is - if the contract is terminated within the 3 days period, is the Earnest deposit still needed? Option period is longer than 3 days.

I understand the option money is non refundable and is lost but want to understand Earnest requirements. 

Thanks for your help!!

priyanka

[Priyanka K.]

@Greg H. what??? really? I think it is a genuine scenario, if the intention was to deposit a check that would bounce, this question will not even arise! My question was - do I even need to deposit the check? 

@Chris Soignier thanks for your response! Exactly the answer I was hoping for! :)