Legal Question in Real Estate Law in Illinois

Re: residential real estate sale

Earnest money is usually involved to show that the buyer is serious and often can be compensation to the seller if the buyer backs out. Assuming these are not issues with your children, earnest money is not required, though sometimes lenders also consider the earnest money for other purposes. At any rate, earnest money is something that is between the parties and there is no legal requirement that such money change hands to have a valid contract.

Re: residential real estate sale

No, I do not believe that an earnest money deposit would be legally required, but it might still be a good idea.