# Earnest Payment Agreement
**This Earnest Payment Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**Seller:**
[Seller's Name]
[Seller's Address]
[City, State, Zip]
[Email Address]
[Phone Number]
**Buyer:**
[Buyer's Name]
[Buyer's Address]
[City, State, Zip]
[Email Address]
[Phone Number]
**1. Purpose**
This Agreement outlines the terms and conditions regarding the earnest payment made by the Buyer to the Seller as part of the purchase process for the property located at [Property Address] ("Property").
**2. Earnest Payment**
The Buyer agrees to make an earnest payment of [Amount in Dollars] ("Earnest Money") to demonstrate good faith in the transaction. The Earnest Money will be held in trust by [Escrow Company or Agent's Name] until the closing of the sale or termination of this Agreement.
**3. Payment Terms**
- The Earnest Money shall be delivered to the designated escrow agent within [Number of days] days of the execution of this Agreement.
- The Earnest Money will be applied to the purchase price at closing or refunded to the Buyer under the terms of this Agreement.
**4. Conditions of Earnest Money Refund**
The Earnest Money shall be refundable to the Buyer under the following conditions:
- The Buyer loads out from the transaction during the due diligence period, as outlined in the subsequently executed Purchase Agreement.
- The Property fails to satisfy the conditions of financing as outlined in the Purchase Agreement.
- Any other mutually agreed-upon conditions as detailed in a written document executed by both parties.
**5. Default**
Should the Buyer fail to fulfill their obligations under this Agreement:
- The Seller shall retain the Earnest Money as compensation for damages.
- If the Seller defaults, the Earnest Money shall be returned to the Buyer in full.
**6. Governing Law**
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
**7. Entire Agreement**
This Agreement constitutes the entire agreement between the parties related to the subject matter hereof and supersedes all prior negotiations, representations, or agreements.
**8. Amendment**
This Agreement may only be amended in writing, signed by both parties.
**In witness whereof, the parties hereto have executed this Earnest Payment Agreement as of the day and year first above written.**
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**Seller's Signature:** ___________________________
**Date:** ______________
**Buyer's Signature:** ___________________________
**Date:** ______________
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**Escrow Agent's Signature:** ___________________________
**Date:** ______________
**Name of Escrow Agent:**
[Escrow Company's Name or Agent's Name]
[Escrow Company's Address]
[City, State, Zip]
[Phone Number]
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***This document is for informational purposes only and does not constitute legal advice. It is advisable to consult with a qualified attorney prior to entering into any binding contractual agreement.***