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Earnest Money Addendum

Earnest Money Addendum Template for United States

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Key Requirements PROMPT example:

Earnest Money Addendum

"Need an Earnest Money Addendum for a commercial property purchase in California, with a $50,000 deposit to be held in escrow until March 15, 2025, and specific provisions for interest earnings to be split between buyer and seller."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

State-Specific Real Estate Laws: Core state legislation governing earnest money deposits, including specific requirements for handling and disclosure of earnest money, and state regulations regarding escrow accounts

Contract Law: Uniform Commercial Code (UCC) provisions, state contract formation and enforcement laws, and Statute of Frauds requirements applicable to real estate transactions

Real Estate Settlement Procedures Act (RESPA): Federal regulations governing real estate settlements, including requirements for disclosure of settlement costs and rules regarding escrow accounts

State Consumer Protection Laws: State-specific regulations covering disclosure requirements, unfair and deceptive practices regulations, and applicable cooling-off periods

State Banking Laws: Regulations regarding handling of trust/escrow accounts, interest-bearing account requirements, and financial institution requirements for earnest money deposits

State Licensing Laws: Requirements and regulations for real estate brokers/agents, escrow agents, and title companies involved in handling earnest money

State-Specific Time Frames: Legal requirements regarding default periods, notice requirements, and release of funds timelines specific to the state jurisdiction

State Dispute Resolution Laws: Legal framework for dispute resolution including requirements for mediation/arbitration, court jurisdiction specifications, and available legal remedies

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