All earnest money deposits shall be deposited in accordance with the executed purchase and sale agreement and shall be nonrefundable from the moment both purchaser and seller have mutually agreed in writing to an offer and acceptance agreement, except as specifically provided otherwise in the parties’ agreement. No transaction will be deemed valid without the earnest money deposit or a waiver thereof, signed by all parties. All purchase and sale agreements (offers) shall state the conditions under which earnest money deposits may be refundable. Any non-refundable deposits or portions thereof shall be split between the Seller and the brokers. (Penalty Classification “A”)