Earnest Money Promissory Note Sample

Name: Earnest Money Promissory Note Sample
Brand: US Legal Forms
Rating: 4.68 (411 reviews)

Category:

Colorado Promissory Notes - Statewide - Earnest Money

State:

Colorado

Control #:

CO-RE-EMP

Format:

Instant download

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Description

Earnest Money Promissory Note: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and laws.

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FAQ

An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller.

The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.

The use of an earnest money promissory note usually contemplates the existence of a purchase agreement for real property. The enclosed document assumes that a purchase agreement will be created and signed by the parties, but that agreement is not provided as part of this form.

Earnest money is essentially a deposit a buyer makes on a home they want to purchase. A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount. Earnest money deposits can be anywhere from 110% of the sales price, depending mostly on market interest.

How to write your initial deposit check, or good faith deposit check, all wrongFind out the name of the title company and make the check payable to that particular title company.Put the property address in the memo line.Write a new check for every offer.

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This package contains everything you ll need to customize and complete your earnest money promissory note. All unpaid principal shall be due and payable in full as set forth in that certain Real Estate Purchase Agreement dated., 20___, entered into by. The promissory note will contain information such as the interest rate along with other obligations of the agreement. FINANCING: The sum described in paragraph 3B above shall be paid as follows (Check applicable boxes below):. No financing. The buyer doesn't need a loan but pays for the residential property in full using their own funds. FOR VALUE RECEIVED, the Buyer(s) signing below, under a Purchase and Sale.

Earnest Money Promissory Note Sample

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What is a earnest money promissory note?

Can you use a promissory note as earnest money?

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What is earnest money select the best answer?

How do I write a personal check for earnest money?

Interesting Questions

What is an earnest money promissory note?

Why is an earnest money promissory note important?

What should be included in an earnest money promissory note?

Can the earnest money deposit be refunded?

Is an earnest money promissory note legally binding?

Can the earnest money promissory note be modified?

What happens if the seller breaches the agreement?

What happens if the buyer fails to fulfill their obligations?

Are there any legal limitations to the use of earnest money promissory notes in Colorado?

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