Contracts
A Virginia buyer submits an offer with an earnest money of $500 on a $750,000 property. The seller should consider this because:
AAny earnest money is equally binding
BA very low earnest money deposit may indicate the buyer has limited commitment or financial constraints✓ Correct
CEarnest money has no bearing on contract validity
DState law requires earnest money of at least 1%
Explanation
While Virginia law does not require a minimum earnest money amount, a very small deposit on a high-value property may signal the buyer's lack of serious commitment. The seller should evaluate all offer terms carefully.
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