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(Updated March 4, 2016) No. Earnest money is not necessary to make an otherwise accepted offer into a valid contract. Earnest money is a buyer-performance item required to be deposited after a contract is fully executed. A contract could become effective even if no earnest money is required in the agreement.
For a contract to be legally binding, it must have consideration. Otherwise, it is considered as a gift. In a real estate transaction, part of the consideration is the exchange of monetary compensation (called Earnest Money) as part of the consideration although it is NOT required.n real estate contacts, the dates stated in the contract are CALENDAR days, not business days. When a real estate contract is signed by both the buyers and sellers, it becomes a legal binding contract.