The Earnest Money Addendum is a crucial document in U.S. real estate transactions that demonstrates the buyer's good faith commitment to purchase a property. It is typically used when the initial purchase agreement needs modification or additional clarity regarding the earnest money deposit. This document specifies how much money will be deposited, when it will be paid, who will hold it, and under what conditions it will be released or forfeited. The addendum must comply with state-specific real estate laws and federal regulations, including RESPA guidelines. It serves as protection for both buyers and sellers by clearly defining the terms of the good faith deposit.
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1. Reference to Original Agreement: Identifies the primary purchase agreement this addendum modifies, including date and parties involved
2. Earnest Money Amount: Specifies the exact amount of earnest money to be deposited and form of payment (check, wire transfer, etc.)
3. Deposit Timeline: Defines when the earnest money must be deposited, including specific deadlines and business day definitions
4. Escrow Details: Specifies the escrow agent, account information, and handling requirements for the earnest money deposit
5. Disbursement Terms: Defines conditions for releasing or forfeiting earnest money, including default scenarios and remedy procedures
1. Interest Earnings: Terms for handling any interest earned on deposited funds when held in an interest-bearing account
2. Additional Deposits: Schedule and terms for any additional earnest money deposits to be made in installments
3. Dispute Resolution: Specific procedures for resolving disputes over earnest money, including mediation or arbitration requirements
1. Deposit Schedule: Detailed timeline and amounts for multiple deposits if earnest money is to be paid in installments
2. Escrow Instructions: Detailed instructions for the escrow agent regarding the handling, investment, and disbursement of funds
3. Wire Transfer Instructions: Banking details and procedures for wire transfers of earnest money deposits
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