The Earnest Money Contract is a fundamental document in U.S. real estate transactions, used when a buyer wishes to demonstrate serious intent to purchase a property by providing a good faith deposit. This contract type is essential in both residential and commercial real estate transactions, typically representing 1-3% of the purchase price as earnest money. The document is primarily governed by state laws, with additional federal regulations applying to specific aspects of the transaction. It should be used at the initial stage of a property purchase, after price negotiation but before closing, and includes critical elements such as property description, purchase price, earnest money amount, handling of deposits, contingencies, and closing requirements. The contract protects both buyer and seller by clearly defining the terms under which the earnest money may be retained or returned, and establishing the framework for the entire transaction through closing.
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1. Parties: Identifies the buyer and seller with their complete legal names and addresses
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the contract including 'Earnest Money', 'Closing Date', 'Property', etc.
4. Property Description: Detailed legal description of the property being purchased
5. Purchase Price: Total purchase price and payment terms
6. Earnest Money: Amount, payment timeline, and handling of earnest money deposit
7. Escrow Terms: Details of escrow account and escrow agent responsibilities
8. Closing and Possession: Closing date, closing conditions, and possession terms
9. Title and Survey: Requirements for title insurance and property survey
10. Representations and Warranties: Statements of fact by both parties about the property and their capacity to enter the agreement
11. Default and Remedies: Consequences of default by either party and available remedies
12. Notices: How and where formal notices must be delivered
13. General Provisions: Standard contract clauses including governing law, amendments, and entire agreement
1. Financing Contingency: Used when buyer's purchase is contingent on obtaining specific financing
2. Inspection Contingency: Used when buyer wishes to conduct property inspections before proceeding
3. Sale of Existing Home Contingency: Used when buyer's purchase is contingent on selling their current home
4. Mineral Rights: Used when mineral rights are being retained or transferred separately
5. Tenant Rights: Used when property is currently occupied by tenants
6. Environmental Matters: Used when environmental inspections or remediation may be required
7. Personal Property Inclusion: Used when specific personal property items are included in the sale
8. Construction Completion: Used for new construction or properties under renovation
1. Property Description Schedule: Detailed legal description and property boundaries
2. Personal Property Schedule: List of any personal property included in the sale
3. Permitted Exceptions: List of title exceptions that buyer agrees to accept
4. Due Diligence Checklist: List of required inspections and investigations
5. Repair Schedule: List of agreed repairs to be completed before closing
6. Property Disclosure Statement: Seller's disclosure of property condition and known issues
7. Proof of Funds: Documentation of buyer's ability to complete the purchase
8. Timeline Appendix: Detailed timeline of all contingencies, deadlines, and closing date
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