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Eanest Money Promissory Note

"This Earnest Money Promissory Note is a form of security deposit made by a potential purchaser of real property to show that the he or she is serious about completing the transaction. When the transaction is finalized, the funds are put toward the purchase price. If the contract is terminated for any reason other than the purchaser's breach, the deposit is returned to the purchaser. This document should be used by a purchaser and seller of real property when entering into a purchase agreement.

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Preview document (3 of 7 pages)

Earnest Money Promissory
Note
This Earnest Money Promissory Note is a form of security deposit made by a potential
purchaser of real property to show that the he or she is serious about completing the
transaction. When the transaction is finalized, the funds are put toward the purchase
price. If the contract is terminated for any reason other than the purchaser's breach, the
deposit is returned to the purchaser. This document should be used by a purchaser and
seller of real property when entering into a purchase agreement.
EARNEST MONEY PROMISSORY NOTE

This Earnest Money Promissory Note (hereinafter the “Promissory Note”) is made on
___________ [Instruction: Insert Date] by and between ___________ [Instruction: Insert
Name of Seller] (hereinafter the “Seller”) of ___________ [Instruction: Insert Seller’s
Address] and ___________ [Instruction: Insert Name of Buyer] (hereinafter the “Buyer”) of
___________ [Instruction: Insert Buyer’s Address]. RECITALS

WHEREAS, Seller and Buyer executed an agreement on ___________ [Instruction: Insert the
date on which the property sale agreement was executed] whereby Seller agreed to sell and
Buyer agreed to buy the property described in the attached Exhibit “A” [Comment: user should
set forth a description of the property in a separate document and include it as an exhibit
to this Promissory Note] (hereinafter the “Property”) (hereinafter the “Sale Agreement”); and
WHEREAS, the Sale Agreement states that a total sum of ___________ (___) [Instruction:
Insert the amount of the earnest money deposit] has been or will be deposited with Seller,
pending the closing of the purchase and sale. THEREFORE, in consideration of the premises and the mutual covenants contained herein, the
parties hereto agree as follows. TERMS
I.
EARNEST MONEY
At the execution of this Promissory Note, Buyer is to have deposited with Seller the total sum of
___________ (___)[Instruction: Insert the amount of the earnest money deposit] (hereinafter
the “Earnest Money”) as Earnest Money and partial payment of the consideration set forth in the
Sale Agreement. The Earnest Money shall be deposited as of ___________ [Instruction: Insert
Date].
This document is a partial preview. Full document download can be found on
Seller shall invest the Earnest Money in either certificates of deposit issued by commercial banks
insured by the federal governmen
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II.
CLOSING
If and when the transaction agreed upon in the Sale Agreement is consummated, Seller shall
retain the Earnest Money. Buyer shall be given credit towards the total purchase price set forth
in the Sale Agreement for the sum of the Earnest Money retained by Seller. All income earned
on the Earnest Money during the escrow period shall be retained by Buyer.
III.
FAILURE TO CLOSE
If the Sale Agreement is rescinded or terminated for any reason other than breach by Buyer, the
Earnest Money, in addition to all income earned during the escrow period, will be returned to
Buyer. [Comment: whether to refund the Earnest Money, here, is up to the discretion of the
user. You can alter this language to state that there will be no refund.]
If the Sale Agreement is breached by Buyer and the sale and purchase fail to close, the Earnest
Money shall be retained by Seller as liquidated damages for Buyer’s breach of the Sale
Agreement. All income earned on the Earnest Money during the escrow period shall be retained
by Buyer.

IV.
INSTRUCTIONS
Seller shall not return or otherwise distribute the Earnest Money or any income earned on the
Earnest Money during the escrow period without the written consent of both parties to the Sale
Agreement.
If a conflict between Buyer and Seller arises, Seller shall deposit the Earnest Money, plus all
income earned during the escrow period, with a court of competent jurisdiction located in the
State of __________ [Instructions: Insert State], County of __________ [Instructions: Insert
County]. V.
NOTICES
Any further correspondence, including documents, requests, notices and other instructions, shall
be made in writing and delivered personally or mailed by certified mail to the addresses set forth
above, or at such other address as may be designated in a notice to the other party. VI.
ARBITRATION
Any dispute or claim related to or arising from this Promissory Note, its performance, breach,
interpretation, validity or enforceability, shall be exclusively (except as provided below) resolved
by binding arbitration before the American Arbitration Association (AAA), utilizing AAA
C
T omm
his erc
d ial Ar
ocu bitra
men ti
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is Rules.
a part ial preview. Full document download can be found on
Gumroad.com / PremiumDocuments:
The arbitrator shall be selected using AAA procedures. The Arbitrator shall render a written
https://gum.co/EanestMoneyPromissoryNote
decision within _________ (___) [Instructions: Insert Number] calendar days of the hearing.
The arbitrator will not award attorneys’ fees or punitive, incidental, consequential, treble or other
multiple or exemplary damages, and the Parties hereby agree to waive and not seek such
damages.
Arbitration awards shall be final, binding, and non-appealable, with the exception of the grounds
for appeal guaranteed by the Federal Arbitration Act and applicable law. All awards may be
filed with one or more courts, state, federal or foreign having jurisdiction over the Party against
whom such award is rendered or its property.
VII.
ATTORNEYS’ FEES

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Specifications

Level: University
School: London South Bank University
Course: LLB Law
Document
Section: Other documents
Made on: 20-02-2019
Updated on: 20-02-2019
Type: .pdf
Pages: 7
Language: Nederlands

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