The Earnest Money Form is a crucial document in Philippine property transactions, used when a prospective buyer wishes to demonstrate serious intent to purchase property by providing a deposit (arras). The document is essential in both residential and commercial real estate transactions in the Philippines, governed by the Civil Code and related real estate laws. It typically includes key information such as party details, property description, earnest money amount, and conditions for its application or return. The form serves as a preliminary agreement before the final sale contract and helps protect both parties' interests during the transaction process. This document is particularly important in the Philippine context where earnest money agreements are specifically recognized under Articles 1482 and 1483 of the Civil Code, providing legal framework for such transactions.
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1. Parties: Identification of the parties: 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 agreement, including 'Earnest Money', 'Property', 'Purchase Price', and other relevant terms
4. Property Details: Complete description of the property being considered for purchase, including address, property specifications, and title information
5. Earnest Money Amount: Specification of the earnest money amount, payment method, and date of payment
6. Terms and Conditions: Conditions under which the earnest money will be applied to the purchase price, returned, or forfeited
7. Purchase Timeline: Expected timeline for completing the full purchase transaction
8. Execution: Signature blocks for all parties, including dates and witness provisions
1. Broker Information: Details of any real estate broker involved in the transaction - include if a broker is part of the transaction
2. Additional Buyer Contingencies: Specific conditions requested by the buyer (such as property inspection or financing) - include if there are special conditions
3. Escrow Instructions: Instructions for handling the earnest money if it will be held in escrow - include if using an escrow agent
4. Governing Law and Jurisdiction: Specific jurisdiction details and applicable laws - include if transaction involves parties from different jurisdictions
5. Notice Provisions: Detailed procedures for giving notices between parties - include for more complex transactions
1. Receipt of Earnest Money: Official receipt acknowledging the earnest money payment
2. Property Description Schedule: Detailed technical description of the property, including lot number, boundaries, and technical specifications
3. Payment Schedule: If applicable, schedule of subsequent payments and key transaction dates
4. Due Diligence Checklist: List of documents and verifications required before proceeding with the full purchase
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Commercial Property
Residential Property
Land Development
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Contract Administration
Business Development
Operations
Documentation
Risk Management
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Broker
Property Developer
Sales Manager
Contract Administrator
Real Estate Director
Compliance Officer
Transaction Manager
Property Consultant
Legal Assistant
Escrow Officer
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