The Earnest Money Promissory Note serves as a crucial document in Canadian transactions where a party needs to demonstrate serious intent to complete a purchase through a monetary commitment. This instrument is commonly used in real estate transactions but may also appear in other significant business deals. The document must comply with federal legislation (particularly the Bills of Exchange Act) and relevant provincial laws governing both promissory notes and real estate transactions. It typically includes the amount of earnest money promised, payment deadlines, conditions for forfeiture or return, and any applicable interest terms. The note provides security to the seller while giving the purchaser a clear record of their deposit commitment. This document type is especially important in competitive markets where sellers need strong assurance of buyer commitment.
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1. Date and Parties: Identifies the date of execution and the parties: Maker (person promising to pay) and Payee (person receiving payment), including full legal names and addresses
2. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount in both numbers and words
3. Reference to Underlying Transaction: Identifies the real estate transaction or agreement for which the earnest money is being provided
4. Payment Terms: Specifies when and how the payment is to be made, including due date and payment method
5. Interest Rate: States any applicable interest rate (if charged) and how it is calculated
6. Default Provisions: Outlines what constitutes default and the consequences thereof
7. Governing Law: Specifies that the note is governed by Canadian law and the applicable provincial jurisdiction
8. Signature Block: Space for signatures of maker and witness, with dates
1. Security Interest: Include when the note is secured by specific property or assets
2. Prepayment Terms: Include when early payment is allowed, specifying any conditions or penalties
3. Assignment Rights: Include when either party may need to transfer their rights under the note
4. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
5. Acceleration Clause: Include when immediate payment of entire amount can be demanded upon specific triggers
6. Collection Costs: Include when the maker will be responsible for collection costs in case of default
1. Schedule A - Payment Schedule: Include if payments are to be made in installments, detailing payment dates and amounts
2. Schedule B - Property Description: Include if the note is connected to a specific property transaction, providing legal description of the property
3. Schedule C - Security Agreement: Include if specific assets are being used as security for the note
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