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Earnest Money Agreement
"I need an Earnest Money Agreement for the purchase of a residential property in Vancouver, with a 5% deposit of the $850,000 purchase price, closing date set for March 15, 2025, and including standard inspection and financing contingencies."
1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being purchased
5. Purchase Price: States the total agreed purchase price for the property
6. Earnest Money Deposit: Specifies the amount, form, and timing of the earnest money deposit
7. Deposit Holder: Identifies who will hold the earnest money and their responsibilities
8. Conditions of Purchase: Lists any conditions that must be met for the purchase to proceed
9. Closing Date: Specifies the intended date of closing and transfer of property
10. Default Provisions: Outlines what happens if either party defaults on their obligations
11. Release of Earnest Money: Specifies conditions under which the earnest money will be released to either party
12. Notices: Details how and where formal notices between parties should be delivered
13. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable province
14. Execution: Signature blocks and execution requirements
1. Inspection Period: Used when the buyer requires a specific period to conduct property inspections
2. Financing Contingency: Include when the purchase is contingent on the buyer obtaining financing
3. Property Disclosure: Used when specific disclosures about the property condition are necessary
4. Multiple Buyers/Sellers: Additional provisions when there are multiple parties on either side
5. Assignment: Include when assignment rights need to be addressed
6. Dispute Resolution: Optional section specifying mediation or arbitration procedures
7. Real Estate Agent Representation: Include when real estate agents are involved in the transaction
1. Schedule A - Property Details: Detailed description of the property including lot size, boundaries, and improvements
2. Schedule B - Purchase Price Breakdown: Itemized breakdown of the purchase price and payment terms
3. Schedule C - Special Conditions: Any special conditions or contingencies specific to the transaction
4. Schedule D - Included/Excluded Items: List of items included or excluded from the sale
5. Appendix 1 - Property Photos: Recent photographs of the property (if applicable)
6. Appendix 2 - Property Inspection Report: If an inspection has been completed prior to the agreement
7. Appendix 3 - Required Disclosures: Any mandatory property disclosures required by provincial law
Authors
Business Day
Closing
Closing Date
Deposit Holder
Earnest Money
Earnest Money Deposit
Effective Date
Escrow Account
Good Faith Deposit
Inspection Period
Material Defect
Offer
Property
Purchase Price
Purchaser
Real Property
Seller
Subject Property
Title
Transaction
Vendor
Closing Documents
Contingencies
Default
Due Diligence
Force Majeure
Notices
Permitted Encumbrances
Purchase Agreement
Release of Funds
Term
Property Description
Consideration
Deposit Terms
Trust Account
Conditions Precedent
Due Diligence
Title
Default
Remedies
Release Conditions
Property Inspection
Financing
Representations and Warranties
Risk and Insurance
Assignment
Time of Essence
Notice
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Dispute Resolution
Termination
Survival
Good Faith
Execution
Registration
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Insurance
Property Management
Real Estate Investment
Commercial Property
Residential Property
Legal
Real Estate
Compliance
Risk Management
Property Management
Corporate Development
Acquisitions
Investment
Operations
Finance
Real Estate Agent
Property Lawyer
Real Estate Broker
Legal Counsel
Corporate Counsel
Real Estate Manager
Property Manager
Escrow Officer
Title Officer
Real Estate Developer
Investment Manager
Compliance Officer
Contract Administrator
Real Estate Paralegal
Transaction Coordinator
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