is putting down earnest money for a single family home a law in mass?

Question

is putting down earnest money for a single family home a law in mass?

Answer

A contract in order to be valid needs consideration. Generally the ernest money is considered the consideration for the contract. It is not a law per se, but it is a standard practice.

The amount of the consideration is subject to negotiation from $10.00 up.

Answer

I agree with attorney Roth.

Some amount of consideration may be required in order to bind the promises of the parties as they execute an offer to purchase, a purchase and sale agreement, etc. However, there is no law regarding the amount of any such consideration and the parties are free to contract as they see fit. If you are purchasing or selling property, I strongly advice you to retain counsel.