Option Agreement With No Earnest Money Deposit

Option Agreement With No Earnest Money Deposit

James WilliamsPro Member
Investor · Simpsonville · Member since 2015 · 60 posts · 15 votes

I heard a guru teaching that you could get and option agreement with a seller and not pay any earnest money deposit.  My question is: If that is so, would I as the buyer still have an equitable interest in the property?

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  • Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    11y

    Without consideration the transaction didn't happen.  Option money is called 'consideration'.  Better find a new guru!

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