Buyer's Earnest Money Deposit

[Kim Oceguera]

Hi all, In what form do you accept a buyer's earnest money deposit? I've heard of some investors who only accept a cashier's check and others who will take a money order for EM. If you are in the cashier's-check-only camp, do you find it a nuisance trying to lock up a deal on the weekend when it is extremely difficult for a buyer to get a cashier's check since banks are closed? Thanks for your input! Looking forward to the replies. I'm in TX if that makes a difference in the process.

[Guy Gimenez]

@Kim Oceguera

Unless you're using a contract other than the TREC form, the E/M will go to the title company. You can require contractually that the E/M be by certified funds only, but that may cause some delays during weekends and holidays. And since the buyer is charged with delivery of the earnest money (in the TREC form), I just usually allow them to tender a personal check to the escrow agent.