Earnest Money Note Sample With Purchase
Description
How to fill out Earnest Money Promissory Note?
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FAQ
Most importantly, in the ?note? section at the bottom left corner of the check, write ?Earnest Money? or ?EM? and the address of the property you are buying. Please get at least a copy of your check (dated and with a signature of who received it) when you drop off your check.
?[Buyer. FirstName][Buyer. LastName] at this moment agrees to pay a sum of $(Total Purchase Price of the Property) for the property as outlined above or a cash equivalent. The buyer agrees to settle or discharge all previous debts and obligations of any nature within the county in which the said property is located.
Earnest money deposits can take any form agreed to by the seller. In some cases, the buyer will offer an earnest money promissory note instead of making a direct payment. This gives the buyer some assurance that it will not lose the money deposited if the deal falls through.
The amount of earnest money you'll need to pay is typically 1 percent of the home's purchase price, but it can depend on the type of transaction and the nature of the broader market. On a $355,000 home, for example, you'd put down $3,550 as an earnest money deposit.
The Earnest Money shall be non-refundable and shall be credited against chase Price at Closing or paid to Seller upon the earlier termination of this Agreement, except in those events expressly and specifically stated and provided for herein.
