The Mutual Release of Earnest Money is utilized when a real estate transaction fails to close and the parties need to formally document their agreement regarding the disposition of the earnest money deposit. This document is commonly used across all U.S. states, though specific requirements may vary by jurisdiction. It serves to prevent future disputes by clearly documenting the parties' agreement to terminate their obligations and releasing any claims related to the earnest money deposit. The document typically includes identification of parties, amount of earnest money, distribution instructions, and mutual release provisions.
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1. Parties: Identification of buyer, seller, and escrow agent/holder
2. Background: Reference to original purchase agreement and circumstances leading to release
3. Definitions: Key terms used in the document including Purchase Agreement, Earnest Money, and Escrow Agent
4. Amount of Earnest Money: Specification of earnest money amount being released and currently held in escrow
5. Mutual Release Terms: Agreement to release claims and return earnest money, including mutual releases between all parties
6. Distribution Instructions: Specific instructions for disbursement of funds including timing and payment methods
7. Signatures: Execution by all parties with dates and notarization requirements
1. Broker Release: Release of real estate brokers from claims, used when brokers were involved in the transaction
2. Costs and Expenses: Allocation of any costs related to the failed transaction and escrow fees
3. Confidentiality: Agreement to keep terms confidential and limitations on disclosure
1. Original Purchase Agreement: Copy of the original purchase agreement being terminated
2. Earnest Money Receipt: Copy of original earnest money deposit receipt
3. Distribution Schedule: Detailed breakdown of how funds will be distributed if split between parties
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