The Earnest Money Form For Sale By Owner is a crucial document in Philippine real estate transactions where property owners choose to sell directly without a broker's involvement. This document serves as the initial binding agreement between the seller and buyer, establishing the earnest money deposit terms and conditions. It is particularly important in the Philippine context, where property transactions must comply with specific civil law requirements and local regulations. The form should be used when a buyer has expressed serious interest in purchasing a property and is ready to provide a good faith deposit. It includes essential information such as property details, purchase price, payment terms, timelines, and conditions for refund or forfeiture of the earnest money. This document provides legal protection for both parties and serves as a preliminary agreement before the execution of the final Deed of Sale, all while adhering to Philippine property laws and regulations.
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Key Requirements PROMPT example:
Earnest Money Form For Sale By Owner
"I need an Earnest Money Form For Sale By Owner for my three-bedroom residential property in Manila, with a 5% earnest money requirement and a planned closing date of March 15, 2025; the document should include a 15-day due diligence period."
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the sale transaction and the purpose of the earnest money agreement
3. Definitions: Key terms used in the agreement including 'Earnest Money', 'Property', 'Purchase Price', and 'Closing Date'
4. Property Description: Detailed legal description of the property including address, boundaries, and title certificate number
5. Purchase Price: Total agreed purchase price for the property
6. Earnest Money Details: Amount of earnest money, payment method, and deadline for payment
7. Terms and Conditions: Conditions under which the earnest money becomes non-refundable or refundable
8. Closing and Timeline: Expected closing date and timeline for completing the full purchase
9. Default and Remedies: Consequences of default by either party and available remedies
10. Governing Law: Specification that Philippine law governs the agreement
11. Execution: Signature blocks for all parties and witnesses
1. Due Diligence Period: Optional section defining a period for the buyer to conduct property inspections and title verification
2. Contingencies: Specific conditions that must be met before proceeding with the sale (e.g., loan approval, property inspection)
3. Property Condition Disclosure: Detailed disclosure of known property conditions and defects, recommended for older properties
4. Broker Disclaimer: Statement confirming no broker involvement, used when ensuring clear documentation of a direct sale
5. Attorney Review: Provision allowing for attorney review period, recommended for high-value transactions
6. Existing Tenancies: Details of any existing lease agreements, if the property is currently rented
1. Schedule A - Property Details: Detailed technical description of the property including lot area, boundaries, and improvements
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including earnest money, down payment, and balance
3. Schedule C - Property Documents: List of all property-related documents to be provided by the seller
4. Appendix 1 - Property Photos: Current photographs of the property documenting its condition at the time of agreement
5. Appendix 2 - Tax Declarations: Copies of current real property tax declarations and receipts
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