A. ASSUMPTION OF PROMISSORY NOTE: Buyer shall assume the unpaid principal balance of a promissory note payable to dated. Create, sign, and download your earnest money agreement, a legal document that binds two parties during the purchase and sale of a property.In many cases, sellers will ask for earnest money, also known as a good faith deposit. Earnest money is a deposit made to a seller that represents a buyer's good faith to make a purchase such as the acquisition of a new home. Sign up for our Newsletter Email Guide to Relocating or Retiring to San Diego here. In a previous article, we explored some of the scenarios where a home buyer in California could recover their earnest money when backing out of An earnest money agreement is a legal document that outlines the terms between two parties, typically for the purchase and sale of real estate. In such cases, a buyer may wish to offer an earnest money promissory note as evidence of its good faith intent to purchase the property. It can also prevent the buyer from losing their earnest money as a result of terminating the deal. An Example Home Inspection Contingency.