good faith money

When you give someone a good faith deposit in the form of a personal check, are they allowed to cash it?

Is this a FSBO or a realtor listing?

The check should go to escrow.

Keith

A check is nothing more than a piece of paper that authorizes the transfer of funds. It has no cash value until cashed. If they want a deposit, they will cash it and yes they are allowed to.

How much is typically offered as good faith money in order to tie up a contract? I’ve seen some of these characters who write books say that you can put $10 down but that seems unrealistic for most situations. What does everyone usually find they have to put down to secure a contract?

The standard here on smaller properties is $250…

Keith