The Earnest Money Agreement Form is a critical document used in Australian property transactions to protect both buyers and sellers during the period between offer acceptance and settlement. This document is typically employed when a buyer wishes to demonstrate serious intent to purchase a property by providing a deposit, while ensuring their interests are protected if specific conditions are not met. The agreement details the amount of earnest money to be held in trust, conditions for its release, and circumstances under which it may be forfeited or returned. It must comply with Australian property law, state-specific real estate regulations, and trust account requirements. The form serves as a preliminary agreement before the final contract of sale and helps prevent either party from unnecessarily withdrawing from the transaction.
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1. Parties: Identification of the buyer(s) and seller(s) with full legal names and addresses
2. Background: Brief context of the transaction and purpose of the earnest money agreement
3. Definitions: Key terms used throughout the agreement including 'Earnest Money', 'Property', 'Purchase Price', 'Settlement Date'
4. Property Details: Full legal description and address of the property being purchased
5. Purchase Price: Total agreed purchase price for the property
6. Earnest Money Details: Amount of earnest money, payment method, and deadline for payment
7. Trust Account Details: Details of the trust account where the earnest money will be held
8. Conditions of Release: Circumstances under which the earnest money may be released to either party
9. Default and Remedies: Consequences of default by either party and available remedies
10. Settlement and Completion: Timeline and requirements for settlement of the property purchase
11. Execution: Signature blocks for all parties and witnesses
1. Due Diligence Period: Terms and duration of any due diligence period, used when buyer requires time for property inspections or investigations
2. Finance Condition: Details of any finance conditions and deadlines, included when purchase is subject to financing
3. Building and Pest Inspection: Conditions relating to building and pest inspections, included when these inspections are required
4. Special Conditions: Any additional conditions specific to the transaction
5. GST Provisions: Required when the transaction may have GST implications
6. Foreign Investment Approval: Include when buyer is a foreign person requiring FIRB approval
7. Multiple Buyers/Sellers: Additional provisions for multiple buyers or sellers, specifying joint/several liability
1. Property Description Schedule: Detailed legal description of the property including lot number, plan, title reference
2. Payment Schedule: Breakdown of payment terms including earnest money, deposit, and balance
3. Due Diligence Checklist: List of items to be checked during due diligence period
4. Required Documents: List of documents required from each party
5. Identity Verification: Forms and requirements for identity verification of parties
6. Agency Disclosure: Real estate agency disclosure forms where applicable
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