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Real Estate Earnest Money Agreement
I need a Real Estate Earnest Money Agreement for a luxury residential villa purchase in Dubai Marina, with a 5% earnest money deposit of AED 500,000, and completion scheduled for March 2025.
1. Parties: Identification of the seller and purchaser with full legal names, Emirates ID numbers, and contact details
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including Property, Earnest Money, Closing Date, etc.
4. Property Description: Detailed legal description of the property including title deed number and registration details
5. Purchase Price: Total purchase price and payment structure
6. Earnest Money: Amount of earnest money, payment terms, and escrow agent details
7. Escrow Terms: Terms governing the handling and release of earnest money
8. Due Diligence Period: Timeframe and terms for buyer's property inspection and review of documents
9. Closing and Transfer: Closing date, process, and requirements for property transfer
10. Default and Remedies: Consequences of default by either party and available remedies
11. Governing Law and Jurisdiction: Specification of UAE law application and relevant Emirate jurisdiction
12. Notices: Process and addresses for formal communications between parties
13. Execution: Signature blocks and execution requirements
1. Financing Contingency: Used when purchase is contingent on buyer obtaining financing
2. Property Condition: Used when specific property conditions need to be addressed or remedied
3. Foreign Ownership: Required when buyer is a foreign national, addressing specific requirements
4. Broker Representation: Include when real estate brokers are involved in the transaction
5. Property Management: Used for properties in managed communities or with specific maintenance requirements
6. Tenant Rights: Required when property is currently tenanted
7. Development Completion: Used for off-plan properties or properties under construction
1. Schedule A - Property Details: Detailed property specifications, including floor plans and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms and deadlines
3. Schedule C - Due Diligence Documents: List of required property documents and certificates
4. Schedule D - Property Inventory: List of fixtures, fittings, and items included in the sale
5. Appendix 1 - Property Title Deed: Copy of current title deed
6. Appendix 2 - Property Photos: Current photographs of the property
7. Appendix 3 - Broker Agreements: If applicable, agreements with real estate brokers
8. Appendix 4 - Power of Attorney: If applicable, power of attorney documentation
Authors
Property
Earnest Money
Purchase Price
Closing Date
Deposit Date
Due Diligence Period
Escrow Account
Escrow Agent
Title Deed
Property Register
Business Day
Completion Date
Seller
Purchaser
Transfer Date
Broker
Registration Fee
Transfer Fee
Deposit Release Date
Default Notice
Inspection Period
Land Department
Notary Public
Payment Schedule
Property Documents
Purchase Application
Sale Agreement
Title Search
Transaction Documents
Transfer Procedures
Emirates ID
Recitals
Definitions
Property Description
Purchase Price
Earnest Money Deposit
Escrow Terms
Due Diligence
Property Inspection
Title Review
Conditions Precedent
Representations and Warranties
Seller Obligations
Purchaser Obligations
Closing Conditions
Transfer of Title
Payment Terms
Default
Termination
Remedies
Force Majeure
Assignment
Notices
Governing Law
Jurisdiction
Entire Agreement
Amendments
Severability
Costs and Expenses
Registration Requirements
Broker Commission
Confidentiality
Time of Essence
Language
Counterparts
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Property Management
Investment & Asset Management
Hospitality (for hotel/leisure properties)
Retail (for commercial properties)
Professional Services
Legal
Real Estate Operations
Compliance
Sales
Business Development
Risk Management
Property Management
Contracts Administration
Investment
Corporate Services
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Broker
Property Manager
Investment Manager
Escrow Officer
Contract Administrator
Real Estate Transaction Coordinator
Chief Legal Officer
Business Development Manager
Sales Director
Asset Manager
Risk Manager
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