Earnest money and promise to sell template (US)

Earnest Money Agreement

This Earnest Money Agreement is made on Agreement Date between Seller Name, at Seller Address ("Seller"), and Buyer Name, at Buyer Address ("Buyer").

1. Property

Seller agrees to sell, and Buyer agrees to buy, the real property at Property Address, legally described as Legal Description or Parcel Number, with these fixtures and items: Included Items (the "Property").

2. Price

The purchase price is $Purchase Price, payable as follows:

• Earnest money: $Earnest Money Amount, deposited within Deposit Days days with Escrow Agent or Title Company Name (the "Escrow Agent")

• Loan proceeds: $Loan Amount or None

• Balance at closing: $Balance at Closing

3. Contingencies

Buyer's duty to buy depends on:

• Financing: Buyer obtaining a loan commitment by Financing Deadline

• Inspection: Buyer approving inspections by Inspection Deadline

• Title: Buyer approving the title commitment within Title Review Days days of receipt

• Other Contingency or None

If a contingency is not met and Buyer gives written notice by its deadline, this Agreement ends and the earnest money is returned to Buyer.

4. Closing

Closing will take place on or before Closing Date at the office of the Escrow Agent. Seller will deliver a Type of Deed, such as General Warranty Deed conveying good and marketable title, free of liens except Permitted Exceptions. Possession passes to Buyer at Possession Timing.

5. Disclosures

Seller will give Buyer all disclosures that state law requires and, for housing built before 1978, the federal lead-based paint disclosure.

6. Default

If Buyer fails to close without a legal excuse, Seller may keep the earnest money as liquidated damages, as its sole remedy, because actual damages would be hard to measure. If Seller fails to close, Buyer may get the earnest money back or seek specific performance. The Escrow Agent may require both parties to sign a release before paying out the earnest money.

7. Costs and Prorations

Property taxes, rents and association dues will be prorated to the closing date. Closing costs will be paid as follows: Closing Cost Allocation.

8. Risk of Loss

Seller bears the risk of loss until closing. If the Property is materially damaged before closing, Buyer may end this Agreement and get the earnest money back.

9. Brokers

Brokers involved: Broker Names or None. Their commissions will be paid as agreed in separate written agreements.

10. Time

Time is of the essence. Some states require a standard purchase contract form or attorney review; the parties will sign any such form as needed to complete the sale on these terms.

General Terms

Governing law. This Agreement is governed by the laws of the State of Governing State, without regard to its conflict of laws rules. Any lawsuit will be brought in the state or federal courts located in Venue County and State.

Entire agreement. This Agreement is the parties' complete agreement on its subject and replaces all earlier discussions. It may be changed only in a writing signed by both parties.

Severability. If a court finds any part of this Agreement unenforceable, that part will be enforced to the extent the law allows, and the rest stays in effect.

Assignment. Neither party may assign this Agreement without the other's written consent, except to a successor to its whole business.

Notices. Notices must be in writing and sent to the addresses above by personal delivery, certified mail or a nationally recognized courier.

Counterparts and e-signatures. This Agreement may be signed in counterparts and by electronic signature, which has the same effect as an original.

| Seller | Buyer |

| --- | --- |

| Signature: Seller Signature | Signature: Buyer Signature |

| Name: Seller Printed Name | Name: Buyer Printed Name |

| Date: Seller Signing Date | Date: Buyer Signing Date |