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Additional Deposit Real Estate Contract

Additional Deposit Real Estate Contract Template for United States

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Key Requirements PROMPT example:

Additional Deposit Real Estate Contract

"I need an Additional Deposit Real Estate Contract for a commercial property purchase in California where the buyer wants to provide an extra $500,000 deposit by March 15, 2025, to secure an extended closing period until July 2025."

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Document background
The Additional Deposit Real Estate Contract becomes necessary when parties to a real estate transaction agree to modify the original deposit terms, often due to extended closing periods, seller concerns about buyer commitment, or complex transaction structures. This contract type is commonly used in the United States real estate market when circumstances require additional financial assurance beyond the initial earnest money deposit. It provides specific details about the additional deposit amount, payment schedule, escrow arrangements, and conditions for release or forfeiture, while ensuring compliance with state and federal real estate laws.
Suggested Sections

1. Parties: Identification of buyer, seller, and any other parties involved in the transaction

2. Background: Context of the additional deposit arrangement and reference to original purchase agreement

3. Definitions: Key terms used throughout the contract including 'Additional Deposit', 'Closing Date', 'Property'

4. Additional Deposit Amount: Specific amount of additional deposit and payment terms

5. Payment Terms: Timeline and method for additional deposit payment

6. Escrow Provisions: Details of how the additional deposit will be held and managed

7. Integration with Original Contract: How this additional deposit agreement relates to the original purchase contract

Optional Sections

1. Interest Provisions: Terms regarding any interest earned on the additional deposit when deposit will be held for extended period

2. Release Conditions: Specific conditions for release of additional deposit when there are special circumstances for release

3. Default Provisions: Consequences of default specific to additional deposit when different from original contract terms

4. Tax Implications: Any tax considerations related to additional deposit when tax implications differ from standard deposit

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed timeline of when additional deposit payments are due

2. Schedule B - Escrow Instructions: Specific instructions for escrow agent regarding additional deposit

3. Appendix 1 - Original Purchase Agreement: Copy of the original purchase agreement being modified

4. Appendix 2 - Proof of Funds: Documentation showing ability to make additional deposit

Authors

Alex Denne

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

alex.den.21@genieai.co
Clauses




















Industries

Federal Laws: Key federal legislation including Interstate Land Sales Full Disclosure Act, Truth in Lending Act, Real Estate Settlement Procedures Act (RESPA), Fair Housing Act, and Americans with Disabilities Act

State Real Estate Laws: State-specific legislation governing real estate transactions, including contract requirements, property laws, disclosure requirements, and recording procedures

Local Regulations: County/Municipal real estate regulations, zoning laws, and local recording requirements that affect property transactions

Contract Formation Requirements: Essential elements including offer and acceptance, consideration, capacity of parties, legal purpose, and meeting of minds

Statute of Frauds: Legal requirement for written contracts in real estate, including necessary signatures and clear statement of essential terms

Disclosure Requirements: Mandatory disclosures regarding property condition, known defects, environmental issues, and lead-based paint for pre-1978 properties

Escrow Requirements: Rules governing handling of deposit funds, escrow agent obligations, and conditions for release of funds

Default and Remedies: Specifications of what constitutes default, available remedies, and conditions for forfeiture

Time Considerations: Critical time elements including deadlines, time is of the essence provisions, and extension provisions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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