The Earnest Money Promissory Note serves as a formal commitment in transactions where good faith deposits are required. This document is commonly used in the United States real estate market but can also apply to other significant purchases. It provides security to the seller while detailing the buyer's obligation to pay the earnest money amount. The note typically includes payment terms, default provisions, and may reference the underlying purchase agreement. It must comply with state-specific requirements and may need to address TILA regulations if consumer credit is involved.
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1. Date and Parties: Identification of the maker and payee of the note
2. Promise to Pay: Clear statement of the obligation to pay a specific amount
3. Payment Terms: Amount, interest rate, payment schedule, and maturity date
4. Default Provisions: Consequences of failing to make payments as agreed
5. Governing Law: State law that governs the note
6. Signature Block: Space for maker's signature and date
1. Security Interest: Details of any collateral securing the note
2. Prepayment Terms: Conditions for early payment
3. Late Payment Penalties: Additional charges for late payments
4. Assignment Rights: Terms for transferring the note
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Property Description: Description of any property securing the note
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