Contracts
In Washington, an 'earnest money addendum' or 'earnest money agreement' is often used as the initial document in a real estate transaction to:
AReplace the purchase agreement
BAcknowledge receipt of the earnest money and outline basic terms before the full purchase agreement is completed✓ Correct
CEstablish agency between broker and buyer
DReplace the need for a buyer agency agreement
Explanation
An earnest money addendum acknowledges receipt of the earnest money deposit and outlines key transaction terms. It may be used in urgent situations before the complete purchase and sale agreement is finalized, establishing the basic agreement between the parties.
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