The Earnest Money Form is a fundamental document in Canadian real estate transactions, designed to protect the interests of both buyers and sellers during property purchases. This document becomes necessary whenever a buyer makes a good faith deposit to demonstrate their serious intention to complete a property purchase. The form details how the earnest money will be handled, including the amount, payment method, holding arrangements, and conditions for release or forfeiture. It must comply with provincial real estate laws, trust account regulations, and federal anti-money laundering requirements. The document is particularly important as it provides legal recourse for both parties if the transaction fails to close and helps prevent disputes over deposit handling. Usage varies by province, with specific requirements adapted to local real estate practices and legal frameworks.
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1. Parties: Identification of the buyer(s), seller(s), and escrow agent/brokerage holding the earnest money
2. Property Description: Legal description and address of the property being purchased
3. Earnest Money Details: Specific amount of earnest money, form of payment, and deadline for deposit
4. Deposit Terms: Details of where and how the earnest money will be held
5. Release Conditions: Conditions under which the earnest money will be released to either party
6. Default and Remedies: Consequences of default by either party and available remedies
7. Signatures: Execution block for all parties including dates and witness provisions
1. Additional Deposit Terms: Used when there are multiple deposit payments or special conditions for the deposit schedule
2. Interest Provisions: Required when parties agree that interest earned on the deposit will be handled in a specific way
3. Dispute Resolution: Optional section detailing specific procedures for resolving disputes about the earnest money
4. Special Instructions: Used when there are unique requirements or conditions for handling the earnest money
5. Foreign Buyer Provisions: Required when the buyer is not a Canadian resident and additional compliance requirements apply
1. Schedule A - Deposit Receipt: Confirmation of receipt of earnest money by the escrow agent/brokerage
2. Schedule B - Proof of Funds: Documentation showing the source and availability of earnest money funds
3. Schedule C - Wire Transfer Instructions: Specific banking details and procedures for wire transfer of earnest money
4. Appendix 1 - Release Authorization Form: Standard form for authorizing release of earnest money to either party
5. Appendix 2 - Dispute Resolution Procedures: Detailed procedures for handling disputes over earnest money if dispute resolution section is included
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