The Earnest Agreement is a fundamental document in U.S. real estate transactions, used when a buyer wishes to demonstrate serious intent to purchase a property. It becomes necessary at the initial stages of a property purchase, typically after price negotiation but before the full purchase agreement is executed. The document details the earnest money amount (usually 1-5% of the purchase price), handling of the deposit, conditions for its return or forfeiture, and its application to the final purchase. This agreement is particularly crucial in establishing good faith between parties and providing legal protection for both buyer and seller throughout the transaction process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and purpose of the earnest money agreement
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being purchased
5. Purchase Price: Total purchase price and earnest money amount
6. Deposit Terms: Details of earnest money deposit, including timing and handling
7. Conditions: Conditions that must be met for the sale to proceed
1. Inspection Period: Terms and conditions governing the property inspection period, including timeline and buyer's rights
2. Financing Contingency: Terms related to buyer's ability to obtain financing and conditions for termination if financing fails
3. Property Disclosure: Seller's disclosures about property condition and known defects as required by state law
1. Property Description Schedule: Detailed legal description of property and included items
2. Deposit Schedule: Details of earnest money payment schedule and terms
3. Due Diligence Checklist: List of items to be reviewed during due diligence period
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