Real estate agency exists in Taiwan for many years. It mainly be the broker or agent about sale, exchange and lease of real estate. In process of procurement, real estate agency tries its best in order to make a contract between the buyer and seller. For the purpose, real estate agency invents the “earnest money” system. When the buyer wants to buy a specific house but feels the purchase price is too high, the agent will take a sum of “earnest money” from the buyer. Then the agent negotiates with the seller for decreasing price. Our civil law does not provide about “earnest money”, and it differs from bargain money. The legal effect of “earnest money” is uncertain so that there are many disputes in our society. To dissolve the problem, the Department of Domestic Affairs designs “offer papers” to replace the “earnest money” system. Consumers have the right to choose each one of both. The principles of autonomy of private law and freedom of contract indicate that people have freedom to decide whether or not make a contract. “Earnest money” restrains somewhat buyer’s freedom. Is it properly? What are the nature and legal effect of “earnest money”? The second part of this article discusses about the legal status of real estate agency. The third part explains the meaning and function of “earnest money”. The fourth part analyzes the differences between “earnest money” and bargain money. The fifth part elucidates the legal effect of “earnest money”. The sixth part explicates the content of “offer papers” and its advantages and disadvantages. The seventh part will be a conclusion of this article.