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You do not necessarily need to put forth earnest money for an offer, there is no law in Idaho preventing a buyer from making an offer without earnest money included.

In most real estate markets, the average good faith deposit is between 1% and 3% of the property's purchase price. It can be as high as 10% for highly competitive homes with multiple interested buyers. Some sellers prefer to set fixed amounts to help filter out buyers that aren't serious.

How to write a real estate purchase agreement Identify the address of the property being purchased, including all required legal descriptions. Identify the names and addresses of both the buyer and the seller. Detail the price of the property and the terms of the purchase. Set the closing date and closing costs.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

On average, an earnest money deposit ranges between 1%-3% of the property's purchase price. Before you decide on an amount, talk with your real estate agent ? they'll be able to assess the property and any market-specific factors.

In any event, the contingencies typically have a time period requirement. Before that period expires, the buyer can cancel the deal and get their earnest money back, but after that period, the earnest money is deemed to ?go hard? and be nonrefundable to the buyer if they don't close on the transaction.