Contracts
An 'earnest money promissory note' in a Mississippi purchase contract is:
AA standard form of earnest money that must be accepted by all sellers
BA written promise to pay earnest money at a future date; the seller and their agent must agree to accept it✓ Correct
CA federal guarantee of earnest money
DProhibited by MREC
Explanation
An earnest money promissory note is a written promise to pay cash at a later date rather than an immediate cash deposit. It must be accepted by the seller and disclosed. A promissory note is less liquid and carries more risk than cash.
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