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The Release Of Earnest Money Form is a critical document used in Philippine real estate and business transactions when earnest money needs to be released back to a party, typically following the termination, completion, or modification of a purchase agreement. This document is essential in the Philippine legal context as it provides documented proof of the agreed release of funds, protecting all parties involved from future claims or disputes. The form must comply with the Civil Code of the Philippines and includes specific details about the original transaction, the parties involved, the amount to be released, and the reasons for release. It's particularly important in real estate transactions where significant deposits are common and must be handled in accordance with Philippine property and contract law.

1. Identification of Parties: Full legal names and addresses of both the party holding the earnest money (typically seller or escrow agent) and the party to whom it will be released (typically buyer)

2. Original Transaction Details: Reference to the original transaction or agreement including date, property description, and amount of earnest money deposited

3. Release Statement: Clear statement of the agreement to release the earnest money, including the exact amount to be released

4. Reason for Release: Statement explaining why the earnest money is being released (e.g., contract termination, mutual agreement, specific contingency)

5. Release Terms: Specific terms of the release including timing, method of payment, and any conditions

6. Mutual Release: Statement that both parties release each other from any further claims related to the earnest money

7. Execution: Date and signature blocks for all parties