Earnest Money Contract
Earnest Money Contract
This Real Estate Purchase Contract (the Contract) is entered on this [DATE] (the Effective Date), by and between [Your Name] (the Seller), having his/her principal residence at [Your Company Address], and [Buyer Name] (the Buyer), having his/her principal residence at [Buyer's address].
1. PROPERTY
Seller sells and buyer buys the property and improvements located at [Property address] (the Property).
2. PURCHASE PRICE
The purchase price is [Purchase Price], payable as follows: An earnest-money deposit of [Deposit Amount] to be made by the Buyer within two business days of the Effective Date of this Agreement.
3. EARNEST MONEY
Upon execution of this Agreement, Buyer shall deposit with Seller the earnest money in an amount agreed upon by the parties as a demonstration of the Buyer's serious interest in the Property.
4. CLOSING DATE
Unless otherwise agreed, the closing date will be scheduled [Closing Date] days after the Effective Date of this Agreement.
5. TITLE
On the closing date, a seller will convey to the buyer good and marketable title to the property.
6. DEFAULT
If Buyer fails to comply with this Agreement, Seller may keep the earnest money as liquidated damages. If Seller fails to comply with this Agreement, the earnest money will be returned to the Buyer.
7. RISK OF LOSS
Until custody of the Property is transferred to the Buyer, the risk of loss or damage to the Property is assumed by the Seller.
8. DISCLOSURES
Seller has provided the Buyer with accurate information regarding the physical condition of the Property, to the best of Seller's knowledge.
9. LEGAL ACTIONS
Each party will bear its costs and attorney’s fees in any legal action relating to this Agreement.
10. ENTIRE AGREEMENT
This Agreement contains the complete agreement of the parties and cannot be changed or terminated orally.
[Your Name]
[DATE SIGNED]
[Buyer Name]
[DATE SIGNED]
