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.