In Georgia, earnest money must be deposited within:
Question & Answer
Review the question and all answer choices
24 hours
24 hours is too short a timeframe and not specified in Georgia law. This option might be confused with other states' requirements or with response time requirements for certain contract provisions, but it doesn't align with Georgia's earnest money deposit regulations.
5 banking days of acceptance
10 business days
10 business days exceeds Georgia's requirement of 5 banking days. While contracts might allow longer periods, state law establishes the minimum timeframe, making this option incorrect for Georgia specifically.
As agreed in the contract
While contracts often specify earnest money terms, Georgia law establishes a minimum requirement that must be followed. Even if the contract specifies a different timeframe, Georgia's 5 banking day rule applies unless explicitly extended by law.
Why is this correct?
Georgia Real Estate Commission regulations require earnest money to be deposited within 5 banking days of the binding agreement date. This timeframe provides a reasonable period for processing while ensuring timely deposit to protect both parties' interests in the transaction.
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