Can someone go over my contract questions please

[Sean Gallagher]

I did a lot of searching, some things still dont make much sense since I am seeing a ton of misleading info.

I'd rather not post my contracts on here but write some things that are confusing me..

Some say you dont need an earnest deposit some say you do, some say you can just do a promissory note?

This is whats in my contract tell me if you think it should be changed, I tried looking up real estate laws for Delaware to see if I need an earnest dep, like what I can get away with to create a binding agreement but can't track it down maybe I'll have to contact a real estate attorney but then I'll have a ton of questions and will probably wind up paying for it.

A. Earnest money deposit check [ ] or promissory note [ ], which will remain as a binder until closing, and be held for Seller by closing agent (chosen by Buyer) for Seller until closing, unless sooner forfeited or
returned, according to the provisions of this Agreement. $_____________________

Is it even possible to put a promissory note as a binder in this instance because a promissory note has guideliness such as interest, amount to be paid and how long. The contract just wants you to put an amount here which I dont think is right? Guess I can track down the $$ amount in Delaware for an earnest deposit that would make a contract a binding agreement.

So I assume its a good idea to get an earnest deposit from my investor, especially if I haven't made deals with him before, Whatever that amount may be..im not real sure yet but all earnest deposits go to the title company correct and then theyre held in escrow? I wonder if they are small amounts like 20-50 bucks if they can just be given to one another as a check.. well thats the first question I had on my contract : ) thanks for all your time..