Document background
The Earnest Money Form For Sale By Owner is a crucial document in Philippine real estate transactions where property owners choose to sell directly without a broker's involvement. This document serves as the initial binding agreement between the seller and buyer, establishing the earnest money deposit terms and conditions. It is particularly important in the Philippine context, where property transactions must comply with specific civil law requirements and local regulations. The form should be used when a buyer has expressed serious interest in purchasing a property and is ready to provide a good faith deposit. It includes essential information such as property details, purchase price, payment terms, timelines, and conditions for refund or forfeiture of the earnest money. This document provides legal protection for both parties and serves as a preliminary agreement before the execution of the final Deed of Sale, all while adhering to Philippine property laws and regulations.
