Earnest Money Deposit Form

Earnest Money Deposit Form Template for Philippines

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Key Requirements PROMPT example:

"I need an Earnest Money Deposit Form for a residential property purchase in Manila, Philippines, with a 3% deposit to be held in escrow until March 15, 2025, with special provisions for return if structural issues are found during inspection."

Document background

The Earnest Money Deposit Form is a crucial document in Philippine real estate transactions, used when a prospective buyer wishes to demonstrate serious intent to purchase a property. This document becomes necessary at the initial stages of a property purchase, typically after initial negotiations but before the final sale agreement. It outlines the deposit amount (usually 1-5% of the purchase price), specifies how the funds will be held, and details conditions for return or forfeiture. The form must comply with Philippine Civil Code requirements and local real estate regulations, including specific provisions under the Maceda Law for protecting buyers' rights. The document serves as a binding agreement that helps prevent either party from backing out of the transaction without valid cause, while also providing clear procedures for dispute resolution and deposit handling.

Suggested Sections

1. Parties: Identifies the parties involved: the prospective buyer (depositor) and seller (recipient), including their complete legal names, addresses, and contact information

2. Background: Brief context of the transaction, including the intent to purchase and the purpose of the earnest money deposit

3. Definitions: Key terms used in the document, including 'Earnest Money,' 'Property,' 'Purchase Price,' and other relevant terms

4. Property Details: Complete description of the property being purchased, including address, property boundaries, and title information

5. Deposit Amount and Payment Terms: Specifies the earnest money amount, payment method, and when/how it will be paid

6. Deposit Holder: Identifies who will hold the earnest money (e.g., escrow agent, real estate broker, or seller) and their responsibilities

7. Application of Deposit: Explains how the earnest money will be applied to the purchase price or handled if the sale proceeds

8. Return/Forfeiture Conditions: Specifies conditions under which the deposit will be returned to the buyer or forfeited to the seller

9. Execution: Signature blocks for all parties, including dates and witnesses as required by Philippine law

Optional Sections

1. Dispute Resolution: Include when parties wish to specify a particular method for resolving disputes about the earnest money (e.g., mediation or arbitration)

2. Time Periods: Include when specific deadlines for due diligence, closing, or other milestones need to be established

3. Special Conditions: Include when there are unique circumstances or conditions affecting the earnest money deposit or property purchase

4. Broker Acknowledgment: Include when a real estate broker is involved in holding the earnest money or facilitating the transaction

5. Multiple Deposit Payments: Include when the earnest money will be paid in installments rather than as a single payment

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property, including lot number, boundaries, and technical specifications

2. Payment Schedule: If applicable, details of installment payments for the earnest money deposit

3. Due Diligence Checklist: List of documents and verifications required before the earnest money becomes non-refundable

4. Authorization Documents: Copies of authorization documents if any party is acting through a representative

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Banking and Finance

Construction

Commercial Property

Residential Property

Industrial Property

Retail Property

Agricultural Real Estate

hospitality

Relevant Teams

Legal

Real Estate Operations

Sales

Compliance

Finance

Business Development

Property Management

Contract Administration

Risk Management

Corporate Secretarial

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Real Estate Broker

Property Developer

Sales Manager

Transaction Coordinator

Escrow Officer

Contract Administrator

Real Estate Director

Corporate Lawyer

Financial Controller

Chief Legal Officer

Business Development Manager

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Let's create your Earnest Money Deposit Form

Authors

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