Contracts
Under Utah's REPC (Real Estate Purchase Contract), the default earnest money deposit period after acceptance is:
A1 business day
B3 calendar days✓ Correct
C5 business days
D10 calendar days
Explanation
Under the standard Utah REPC, the buyer has 3 calendar days after acceptance to deposit earnest money unless a different period is specified in the contract.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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