An Earnest Money Agreement is a formal document signed between two parties - a seller and a buyer - before they enter into a Sale and Purchase Agreement to transfer ownership of the real estate and to outline the terms of the deposit offered by the buyer. During the negotiations, the purchaser puts their money in the deposit account until the parties are in full agreement regarding the conditions of the property transfer.
You can download an Earnest Money Agreement template via the link below.
The amount of the earnest money deposit may vary between one and ten percent of the total sales price - it demonstrates the good faith of the purchaser who is interested in the real estate and gives them a better chance to buy the property since the deposit will remove the house or apartment from the market while the parties are negotiating the transaction. Note that the existence of a deposit does not mean the buyer will buy the real estate in question - they may say no to this deal with or without a proper reason.
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