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.
Thornton Colorado Earnest Money Promissory Note
State:
Colorado
City:
Thornton
Control #:
CO-RE-EMP
Format:
PDF
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How to fill out Colorado Earnest Money Promissory Note?
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FAQ
Unlike checks, promissory notes can't be cashed or deposited at your bank. Instead, if the maker doesn't pay, then the person who holds the promissory note has to exercise his/her legal remedies to enforce it.
The standard forms used in the vast majority of Colorado real estate transactions provide that an earnest money deposit is subject to forfeiture as ?liquidated damages? to the seller in the event of a default by the buyer.
A prepayment may be allowed by a promissory note. A prepayment provision would allow you, as a borrower, to pay a debt early without paying an extra premium payment or penalty. It can consist of the unpaid accrued interest and the unpaid principal sum as of the date of prepayment.
The earnest money is not consideration for the contract. However, if the buyer does not deposit the earnest money with the escrow agent within a reasonable time after contract execution, the buyer would be in default, and the seller could exercise her rights under a default provision.
Making an offer on a home generally requires that you put up some money known as earnest money upon offer acceptance. This money is deposited into an escrow account, which means neither you nor the seller can access it without specific contract requirements being met.
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.
As promissory notes are legal and enforceable, banks will often accept them as they know they can get their money back if you fail to repay the loan. For your promissory note to be legal, you can print off a promissory note template online, fill in your details and sign it.
Unlike checks, promissory notes can't be cashed or deposited at your bank. Instead, if the maker doesn't pay, then the person who holds the promissory note has to exercise his/her legal remedies to enforce it.
If you find yourself asking, ?What if I don't have earnest money?? you have options. For example, in your offer, you can request a waiver of earnest money. Have your real estate agent write up the waiver contract and submit it through normal channels.