Depending on how you stipulate the time frame for the deposit within the contract, (RE101 - The Residential Purchase Agreement is a legal contract.), it will determine when and how it will take place. All parties must abide by the expiration periods demonstrated in the contract. Here in California, CAR's standard time frame is a 3-day period, but your contract should be reviewed to clarify your time frames for expiration periods. A purchaser will have to make a copy of a personal check / bank check / money order to be included with the submitted offer.
The standard dollar amount for the Earnest Money Deposit ( EMD ) / Good Faith Deposit is typically 3% of the purchase price. Take for example a home purchase of $500,000. The Earnest Money Deposit ( EMD ) would amount to $15,000. A home sold for $1,000,000 would require the buyer to make an EMD of $30,000. We are finding the process of the buyer wiring the deposit into their escrow account most timely and efficient. Make sure to instruct your agent to tick the box for wired funding. If you do elect this alternative, you do not need to provide a copy of a check. Remember... Would you want a lazy buyer purchasing your home???
Good faith is something all parties should act upon in real estate transactions with all points of the contract. If you really want to impress, be timely.
Mid-Century Modern Architecture Specialist
Keller Williams Realty - Los Feliz
Short Sale and Foreclosure Resource
DRE Lic #01871422
MODCOM - LA Conservancy Modern Committee