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I'm a Realtor in Goose Creek and just wrote an offer for $240,000 with a $500 earnest money deposit. There is no percentage required for the contract of sale. Your lender may require you to prove you have sufficient funds for a downpayment but that is not usually a escrow requirement.
There is no such law....some real estate COMPANIES try to do it, curious if your agent AND the sellers agent were from the same company....because it really only pertains to the comfort level of the seller, but then again, it's your money so you can negotiate YOUR comfort level too. I had a recent agent battle me over who HOLDS the earnest money, which it really doesn't matter since once deposited if there is an issue it can't be released without ALL parties signatures....typically sellers agents company holds it here I was representing the Buyer and he firmly wanted ME to hold it in my escrow (he said it's his money, and he decides who he trusts to hold it)...
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