The Earnest Money Promissory Note serves as a crucial document in Canadian transactions where a party needs to demonstrate serious intent to complete a purchase through a monetary commitment. This instrument is commonly used in real estate transactions but may also appear in other significant business deals. The document must comply with federal legislation (particularly the Bills of Exchange Act) and relevant provincial laws governing both promissory notes and real estate transactions. It typically includes the amount of earnest money promised, payment deadlines, conditions for forfeiture or return, and any applicable interest terms. The note provides security to the seller while giving the purchaser a clear record of their deposit commitment. This document type is especially important in competitive markets where sellers need strong assurance of buyer commitment.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc
1. Date and Parties: Identifies the date of execution and the parties: Maker (person promising to pay) and Payee (person receiving payment), including full legal names and addresses
2. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount in both numbers and words
3. Reference to Underlying Transaction: Identifies the real estate transaction or agreement for which the earnest money is being provided
4. Payment Terms: Specifies when and how the payment is to be made, including due date and payment method
5. Interest Rate: States any applicable interest rate (if charged) and how it is calculated
6. Default Provisions: Outlines what constitutes default and the consequences thereof
7. Governing Law: Specifies that the note is governed by Canadian law and the applicable provincial jurisdiction
8. Signature Block: Space for signatures of maker and witness, with dates
1. Security Interest: Include when the note is secured by specific property or assets
2. Prepayment Terms: Include when early payment is allowed, specifying any conditions or penalties
3. Assignment Rights: Include when either party may need to transfer their rights under the note
4. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
5. Acceleration Clause: Include when immediate payment of entire amount can be demanded upon specific triggers
6. Collection Costs: Include when the maker will be responsible for collection costs in case of default
1. Schedule A - Payment Schedule: Include if payments are to be made in installments, detailing payment dates and amounts
2. Schedule B - Property Description: Include if the note is connected to a specific property transaction, providing legal description of the property
3. Schedule C - Security Agreement: Include if specific assets are being used as security for the note
Relevant legal definitions
Agreement
Business Day
Default
Default Rate
Due Date
Earnest Money
Effective Date
Event of Default
Interest Rate
Maker
Maturity Date
Note
Outstanding Balance
Payee
Payment
Permitted Assigns
Principal Amount
Property
Purchase Agreement
Purchase Price
Related Transaction
Security Interest
Transaction Closing Date
Underlying Agreement
Business Day
Default
Default Rate
Due Date
Earnest Money
Effective Date
Event of Default
Interest Rate
Maker
Maturity Date
Note
Outstanding Balance
Payee
Payment
Permitted Assigns
Principal Amount
Property
Purchase Agreement
Purchase Price
Related Transaction
Security Interest
Transaction Closing Date
Underlying Agreement
Clauses
Payment Obligation
Promise to Pay
Interest
Default
Security
Representations and Warranties
Assignment
Prepayment
Notice
Governing Law
Amendment
Severability
Integration
Waiver
Acceleration
Collection Rights
Enforcement
Reference to Purchase Agreement
Return of Earnest Money
Forfeiture
Legal Fees
Jurisdiction
Promise to Pay
Interest
Default
Security
Representations and Warranties
Assignment
Prepayment
Notice
Governing Law
Amendment
Severability
Integration
Waiver
Acceleration
Collection Rights
Enforcement
Reference to Purchase Agreement
Return of Earnest Money
Forfeiture
Legal Fees
Jurisdiction
Relevant Industries
Real Estate
Financial Services
Legal Services
Property Development
Construction
Commercial Property Management
Residential Property Management
Banking
Investment Services
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Operations
Business Development
Investment
Contract Administration
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Manager
Real Estate Attorney
Corporate Lawyer
Transaction Coordinator
Escrow Officer
Title Officer
Financial Manager
Contract Administrator
Legal Counsel
Compliance Officer
Real Estate Developer
Investment Manager
Business Development Manager
Find the exact document you need
Note Secured By (Real Estate)
A Canadian legal document establishing a debt obligation secured by real estate property, combining promissory note elements with security features.
find out more
Landlord Tenant Promissory Note For Rent Payment
A Canadian legal document that formalizes a tenant's promise to pay outstanding or future rent payments to their landlord, governed by federal and provincial laws.
find out more
Promissory Note For Funeral
A Canadian legal document establishing a promise to pay for funeral services, governed by federal and provincial regulations.
find out more
Promissory Note For Late Rental Payment
A Canadian legal document formalizing an agreement between landlord and tenant for the repayment of overdue rent, including payment terms and conditions.
find out more
Straight Note (Real Estate)
A Canadian legal document establishing a secured real estate debt obligation, detailing repayment terms and property security arrangements.
find out more
Simple Promissory Note For Family Loan
A Canadian legal document that formalizes and documents the terms of a loan between family members, ensuring clarity and legal compliance while protecting both parties' interests.
find out more
Promissory Note For Real Estate Purchase
A Canadian legal document evidencing a borrower's promise to pay a specified sum for real estate purchase, governed by federal and provincial laws.
find out more
Unconditional Promissory Note
A Canadian legal document containing an unconditional written promise to pay a specified sum of money, governed by federal and provincial laws including the Bills of Exchange Act.
find out more
Cash Promissory Note
A Canadian legal document containing a written, signed, and unconditional promise to pay a specified sum of money to a named party, either on demand or at a defined future date.
find out more
Installment Promissory Note
A Canadian law-governed installment promissory note establishing structured repayment terms for a debt obligation with scheduled payments.
find out more
International Promissory Note
A Canadian-law governed promissory note for international transactions, documenting a formal promise to pay with cross-border considerations.
find out more
Trust Deed And Note
A Canadian legal document establishing a trust structure combined with a debt instrument, setting out trust arrangements and note terms under federal and provincial legislation.
find out more
Promissory Note Letter For Delayed Payment
A Canadian legal document containing a written promise to pay a specified sum of money at a future date, governed by federal and provincial laws.
find out more
Promissory Note For Car
A Canadian legal document combining a promissory note with vehicle security provisions, documenting a borrower's promise to repay a car loan.
find out more
Promissory Note Compound Interest
A Canadian legal document evidencing a debt obligation with compound interest terms, compliant with federal and provincial lending laws.
find out more
Senior Promissory Note
A Canadian-law governed debt instrument documenting a senior-ranking promise to pay a specified sum with defined payment terms and conditions.
find out more
Recourse Promissory Note
A Canadian-law governed financial instrument documenting a borrower's promise to repay a debt, with the lender maintaining recourse rights against the borrower's other assets.
find out more
Promissory Note With Real Estate Mortgage
A Canadian legal document combining a promissory note with real estate mortgage security, subject to federal and provincial laws, used to evidence and secure debt against property.
find out more
Promissory Note With Collateral
A Canadian legal document combining a promise to pay with security interests in collateral, governed by federal and provincial legislation including the Bills of Exchange Act and PPSA.
find out more
Promissory Note Repayment Schedule
A Canadian-law governed document that establishes the detailed repayment schedule and terms for a promissory note, including payment amounts, frequencies, and due dates.
find out more
Promissory Note Cosigner Agreement
Canadian legal agreement establishing a cosigner's guarantee of a promissory note, outlining obligations and responsibilities under federal and provincial law.
find out more
Promissory Note Convertible To Equity
A Canadian-law governed convertible debt instrument that allows for the conversion of a loan into equity shares under specified conditions, commonly used in early-stage financing.
find out more
Promissory Note Secured By A Deed Of Trust
A Canadian legal instrument combining a promissory note with real property security through a trust deed arrangement, establishing loan terms and security rights under Canadian law.
find out more
Generic Promissory Note
A Canadian-law governed document containing a written promise to pay a specified sum of money, including payment terms and conditions.
find out more
Standby Promissory Note
A Canadian law-governed contingent payment instrument that combines features of traditional promissory notes with standby payment obligations, becoming payable upon specific triggering events.
find out more
Refinance Promissory Note
A Canadian legal document evidencing a borrower's promise to repay a refinanced debt under new terms, complying with federal and provincial lending regulations.
find out more
Partial Claim Promissory Note
A Canadian legal document establishing terms for partial debt payment arrangements, governed by federal and provincial legislation.
find out more
Consumer Promissory Note
A legally binding financial document used in Canada that records a consumer's promise to repay a specific sum of money to a lender, subject to federal and provincial consumer protection laws.
find out more
Promissory Note From Corporation To Shareholder
A Canadian law-governed promissory note documenting a corporation's legally binding promise to repay a specified sum to a shareholder, including payment terms and conditions.
find out more
Old Promissory Note
A Canadian-law governed financial instrument documenting an unconditional promise to pay a specific sum of money, structured according to federal and provincial requirements.
find out more
Multiple Advance Promissory Note
A Canadian-law governed financial instrument that establishes terms for multiple loan advances up to a maximum amount, including draw conditions, interest, and repayment terms.
find out more
Simple Note Payable
A Canadian-compliant legal document evidencing a promise to pay a specified sum of money with defined interest rates and payment terms.
find out more
Unsecured Promissory Note Issued By A Corporation
A Canadian law-governed unsecured promissory note template for corporate borrowers, establishing terms for repayment of debt without collateral.
find out more
Credit Card Promissory Note
A Canadian legal document that converts credit card debt into a formal promise to pay, establishing repayment terms and conditions under Canadian federal and provincial laws.
find out more
6 Month Promissory Note
A Canadian law-governed financial instrument documenting a six-month promise to pay a specified sum with defined interest and payment terms.
find out more
Promissory Note With Balloon Payment
A Canadian-law governed financial instrument documenting a debt obligation with regular payments and a larger final balloon payment, including interest terms and security provisions.
find out more
Personal Promissory Note
A Canadian legal document establishing a promise to pay a specific sum of money under defined terms, governed by federal and provincial legislation.
find out more
Secured Demand Promissory Note
A Canadian legal document combining a demand promissory note with security interests in collateral, governed by federal and provincial laws.
find out more
Renewal Promissory Note
A Canadian legal document that renews and potentially modifies an existing promissory note, establishing new payment terms while maintaining the original debt obligation.
find out more
Interest Only Promissory Note With Balloon Payment
A Canadian promissory note structure where the borrower makes interest-only payments with a final balloon payment of the principal at maturity.
find out more
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)