Earnest Money Promissory Note: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and laws.
Earnest Money Promissory Note
State:
Colorado
Control #:
CO-RE-EMP
Format:
PDF
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FAQ
An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller.
A promissory note is a legal and a financial instrument that is written between three financing parties: the maker, the lender, and the payee/the borrower.
The parties should sign only one original note, and the seller or escrow agent should keep that document. If you are the buyer, you will want to keep the note in the hands of an escrow agent or company.
Earnest money is essentially a deposit a buyer makes on a home they want to purchase. A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount. Earnest money deposits can be anywhere from 110% of the sales price, depending mostly on market interest.
The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.