Contracts
A buyer submits an offer with an earnest money check of $5,000. The seller accepts. When must the earnest money typically be deposited in Idaho?
AWithin 1 business day of acceptance
BAccording to the terms stated in the purchase agreement (typically within 1-3 business days)✓ Correct
COn the closing date only
DAfter the inspection contingency is removed
Explanation
In Idaho, the earnest money must be deposited according to the terms specified in the purchase agreement, typically within 1-3 business days of acceptance. IREC rules require prompt deposit into the broker's trust account.
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