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.
Colorado Earnest Money Promissory Note
State:
Colorado
Control #:
CO-RE-EMP
Format:
PDF
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FAQ
Does the Seller Ever Keep the Earnest Money? Yes, the seller has the right to keep the money under certain circumstances. If the buyer decides to cancel the sale without a valid reason or doesn't stick to an agreed timeline, the seller gets to keep the money.
Go to the Banking menu and click Transfer Funds. In the Transfer Funds window, select the account from which you want to transfer the funds. Select the account to which you want to transfer the funds. Enter the amount that you want to transfer. Save the transaction.
The financing contingency guarantees that you'll get a refund for your earnest money if for some reason your mortgage doesn't go through and you're unable to purchase the house.
Basically this means that the purchase of this property depends on your getting a loan first. If a loan can't be secured, then you won't buy the houseand can take back your earnest money.If there's no contingency, you are out of luckand the seller will get to keep that earnest money.
The trend today is for the title company and/or escrow officer to issue the deposit receipt. This is generally issued after the buyer's earnest money deposit has been deposited into the title or escrow company's bank account. It will often contain the following information: Name of title company.
Earnest money deposits can take any form agreed to by the 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.
A deposit receipt is a record that a buyer paid an earnest money deposit. It is most commonly used in conjunction with real estate. The receipt is essential to prove the buyer deposited the funds. Funds must come from the buyer's resources.
When you pay the EMD, you are creating a Current Asset, and when you purchase the property, the EMD reduces your cash payment that is a reduction of a Current Asset.
Use An Escrow Account. The real estate market isn't immune to fraud. Know Your Contingencies. Contingencies protect both the seller and buyer and give both parties the means to back out of the deal. Stay On Track With Your Responsibilities. Put It All In Writing.