Earnest Money Agreement Template for England and Wales

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Key Requirements PROMPT example:

Earnest Money Agreement Template

I need an Earnest Money Agreement Template for a commercial property purchase in London, with a Â£50,000 deposit to be held in escrow until March 2025, including specific provisions for environmental due diligence periods.

Document background

The Earnest Money Agreement Template is essential in English and Welsh property transactions where buyers wish to demonstrate their commitment to purchase. This document is typically used at the initial stages of property transactions, before the exchange of contracts, when a buyer wishes to secure their interest in a property. It defines the deposit amount, holding arrangements, and conditions for return or forfeit. The agreement protects both parties' interests during the period between offer acceptance and contract exchange, providing clarity on obligations and rights under English and Welsh property law.

Suggested Sections

1. Parties: Identification and details of buyer and seller

2. Background: Context of the transaction and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property being purchased

5. Earnest Money Amount: Specification of deposit amount and payment terms

6. Deposit Handling: Terms for holding and releasing the earnest money

7. Default Provisions: Consequences of breach by either party

8. Governing Law: Specification of applicable law and jurisdiction

Optional Sections

1. Due Diligence Period: Terms for property inspection period - used when buyer requires inspection period

2. Contingencies: Conditions that must be met for completion - used when sale is subject to specific conditions

3. Escrow Terms: Specific arrangements for third-party holding of funds - used when using escrow services

4. Interest Provisions: Terms for interest earned on deposit - used when deposit will earn interest

Suggested Schedules

1. Property Details Schedule: Detailed property specification and included items

2. Payment Schedule: Timeline and breakdown of payments

3. Due Diligence Requirements: List of required inspections and investigations

4. Form of Notice: Template for formal notices under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Development
Commercial Property
Residential Property

Relevant Teams

Legal
Real Estate
Finance
Operations
Compliance

Relevant Roles

Property Lawyer
Real Estate Agent
Conveyancer
Property Manager
Commercial Director

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Authors

Alex Denne

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