A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Earnest Money Promissory Note
State:
Multi-State
Control #:
US-00472D
Format:
Word;
Rich Text
Instant download
Description Promissory Note Form
How to fill out Note Designate Payable?
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Money Promissory Note Form popularity
Money Promissory Other Form Names
Earnest Promissory
Earnest Promise Promissory
Money Promissory Paper
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Maker Promise Note
Promissory Note Form Printable
Earnest Form Sample
Earnest Note Template FAQ
If you back out of the contract for reasons that aren't stipulated by your contract or its contingencies, you could be out your earnest money or, in extreme cases, you could even be sued by the seller. There are few instances that could put you at risk of a seller-driven lawsuit.
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
Generally, these funds are held in an escrow account managed by the buyer's real estate agent or the title company. The deposit is then applied to your closing costs or returned to you at closing. Earnest money funds are usually applied to a loan's closing costs or to the down payment.
Assuming the seller does not contest to you getting your earnest money back, then you should both sign release forms. This says that you both agree that the earnest money will be returned to you. Make sure to contact your realtor or lawyer to find out about any other forms you need to sign.
