Can You Use a Money Order for Earnest Money?
Can You Use a Money Order for Earnest Money?
Quick Answer
You may be able to use a money order for earnest money in Florida, but confirm that your named escrow agent accepts it and that you can meet your contract’s deposit terms. The Florida Realtors/Florida Bar AS IS contract refers to “checks subject to Collection” and does not expressly list money orders. Before buying a money order, confirm acceptance, payment instructions, and the delivery deadline with the escrow agent. Under that contract, failure of funds to become collected does not excuse your performance as the buyer. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
Can you pay your Florida earnest-money deposit with a money order?
A money order is an option to confirm with your escrow agent – not a payment method you should assume will be accepted. You still need to meet the deposit requirements in your signed contract.
The Florida Realtors/Florida Bar AS IS contract requires the initial deposit to be made payable and delivered to the named escrow agent. Its reference to checks does not expressly settle whether that agent will accept your money order.
Before you purchase one, ask the named escrow agent whether a money order is acceptable for your transaction, exactly whom to make it payable to, and how to deliver it. Acceptance and delivery are separate questions; get both answered before relying on this payment method.
Mike Renick represented us, in both a sell and buy transection. One of the transactions was complicated as the sell portion of the transaction involved a foreign buyer. Mike arranged that both transactions would close the same day. Which they did without a hitch.
– Lee Diznoff, Google Review
Which deposit deadline applies?
Read your signed contract rather than assuming you have a standard amount of time. Under the current Florida Realtors/Florida Bar AS IS form, these defaults apply only when the corresponding deadline is left blank:
| Deposit | Default deadline if left blank |
|---|---|
| Initial deposit under option 2(a)(ii), when selected or deemed selected | Within three days after the Effective Date |
| Separate additional deposit, if required | Within 10 days after the Effective Date |
If option 2(a)(i) is selected, the initial deposit accompanies the offer. If option 2(a)(ii) applies and its deadline is blank, the default is three days after the Effective Date. If neither box is selected, option (ii) applies. Use the contract’s time-computation rules, including its weekend and holiday extensions.
Check the actual terms entered in your contract. Confirm with the escrow agent when your money order needs to arrive so you can meet those terms.
What does “subject to Collection” mean?
Under the Florida Realtors/Florida Bar AS IS contract, “Collection” means checks – including deposit checks – have actually and finally been collected and deposited into the escrow agent’s or closing agent’s account. In plain language, handing over a check is not the same as the funds being finally collected.
The contract also says that failure of funds to become collected does not excuse the buyer’s performance. Because that definition refers to checks, ask the escrow agent how a money order will be handled rather than assuming it resolves the collection issue.
Does Florida law require a broker to accept a money order?
Florida Statutes Section 475.25 governs how a broker handles entrusted deposits, but it does not specify that a buyer’s money order must be accepted. For broker-held escrow funds, the statute requires the broker, upon receipt, to place entrusted money, funds, deposits, checks, or drafts in escrow with a specified Florida institution or in the broker’s Florida trust or escrow account.
We bought two units from Mike and Eric and sold one over the last four years. One thing that made life much easier for us was how they understood our feelings and situation regarding pricing. They knew where the other party was coming from, which made the process faster without all the back and forth. Once the contract was signed, their staff was great; I literally had to do nothing other than decide what color pen to sign with. Eric wasn’t just out to make a sale; he was tremendously helpful to us. Every week, he checks our apartment without asking for money, and when we had a storm, he even moved our car to safety. It wasn’t just about the sale; he became a friend and helped us out after the sale, just because we don’t live here.
– Mindy and Joe, Customer Review
That is a rule about the broker’s handling of funds – not a guarantee that your chosen payment method will be accepted. Confirm acceptance with the escrow agent handling your transaction.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
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Questions Clients Actually Ask
Who should the initial deposit be payable to?
Under the Florida Realtors/Florida Bar AS IS contract, the initial deposit must be payable and delivered to the named escrow agent. Before purchasing a money order, confirm acceptance and the exact payee instructions with that agent.
Does delayed collection excuse my obligations as the buyer?
Under the Florida Realtors/Florida Bar AS IS contract, failure of funds to become collected does not excuse your performance. Ask the escrow agent how your proposed money order will be handled and when it must be delivered.
What To Do Right Now
Before purchasing a money order, ask the escrow agent named in your contract to confirm that it will be accepted for your deposit and provide payment and delivery instructions that fit your contract’s deadline.
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Michael Renick · Licensed Florida Real Estate Broker
License #BK3241900 · Verify on Florida DBPR
Mangrove Realty Associates Inc / Team Renick · Serving Sarasota & Manatee Counties since 2011
About the Author
I’m Michael Renick — a Florida West Coast broker with over 15 years guiding families through some of the biggest decisions of their lives. I’ve built my practice on hard work, honesty, and total transparency. No shortcuts, no spin — just straight answers, deep market knowledge, and the dedication my clients deserve from start to close.
Equal Housing Opportunity. This article is general information only, not legal, tax, insurance, or financial advice. Market conditions, insurance requirements, and costs vary by property and transaction; confirm your specific situation with the appropriate licensed professional. Michael Renick, Licensed Florida Real Estate Broker, License #BK3241900, licensed by the Florida Department of Business and Professional Regulation (DBPR). Mangrove Realty Associates Inc — each office is independently owned and operated.
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