EARNEST MONEY AGREEMENT
This Agreement made on this [day] day of [month] of [year] Between Seller and Buyer (hereinafter the “Agreement”)
[Seller name/address] (hereinafter the "Seller"),
[Buyer name/address] (hereinafter the "Buyer"),
WHEREAS, Seller and Buyer have executed a Contract [day] day of [month] of [year] (hereinafter the "Contract"), whereby Seller has agreed to sell and Buyer has agreed to buy the property described in the attached Exhibit A; and WHEREAS, the Contract states that a total sum of [amount] has been or will be deposited with the Seller, pending the closing of the purchase and sale. THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows.
At the execution of this Agreement, Buyer is to have deposited with Seller the total sum of [amount] (hereinafter the "Earnest Money") as Earnest Money and a partial payment of the consideration under the Contract. The Earnest Money shall be deposited as of [day] day of [month] of [year].
Seller shall invest the Earnest Money in certificates of deposit issued by commercial banks insured by the federal government, United States Treasury Bonds, or "money market" accounts.
If and when the purchase agreed upon in the Contract is consummated,