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Earnest Money Agreement
_______________________ (hereafter "Earnest Money Holder"), ________________________ (hereafter "Seller"), and _______________________ (hereafter "Buyer"), hereby agree to the following:
The Buyer, wishing to purchase the property located at (hereafter "Property") for the full amount of , will provide the Earnest Money Holder with the amount of ount> no later than in the form of at .
The Earnest Money payment comprises only a fraction of the full amount. The remaining will be paid by the Buyer no later than .
With the payment of Earnest Money, the Buyer reserves the right to purchase the Property from the Seller. Upon the receipt of the full payment, the Seller is required to provide the Buyer with the Deed of Absolute Sale within days, guaranteeing the buyer full warranty, valid title, and complete ownership of the Property.
The Buyer shall be held responsible for .
The Seller shall be held responsible for .
The Earnest Money Holder shall be paid by the no later than .
If the Buyer chooses not to purchase the Property, the Earnest Money shall be granted in its entirety to the Seller as liquidated damages.
In witness to their agreement to the terms of this contract, the parties affix their signatures below:
_____________________________________
(Buyer signature and date)
_____________________________________
(Seller signature and date)
_____________________________________
(Earnest Money Holder signature and date)
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