Providing Earnest Money Deposit for a Syndication

[Erik D.]

Hi all,

I have recently been asked to provide the earnest money deposit for an apartment syndication, 120 unit apartment complex, in exchange for GP share of 3.6%. EMD would be $150k.

So far everything has been verbal over Zoom or via text, I have not seen any sort of agreement or contract for signatures. I have however been sent the wire instructions to fund an escrow account.

Is it my responsibility to come up with my own contract and ask for signatures or is it up to the syndication to hand me some sort of contract? The earnest money would be returned to me at closing, but how can I guarantee that?

Thank you!