earnest money held by seller exhibit - AWS
EARNEST MONEY HELD BY SELLER EXHIBIT “_______” 2016 Printing
If, in conflict with the “Earnest Money” paragraph of the Agreement, the following shall control:
LY
This Exhibit is part of the Agreement with an Offer Date of ________________________________ for the purchase and sale of that certain Property known as: _____________________________________________, _____________________________, Georgia ____________.
O N
1. Earnest Money. Buyer has paid to Seller earnest money of $____________________ by check, cash or wire transfer of immediately available funds, the receipt of which is hereby acknowledged by Seller, which earnest money is to be deposited [check one]: in Seller’s escrow/trust account OR in the general account of Seller and not in a separate escrow/trust bank account. This earnest money is to be applied as part payment of the purchase price at the time of closing, or otherwise is to be disbursed as provided in this Agreement. Seller shall deposit such earnest money as provided herein promptly after this Agreement has been accepted by all parties. In the event this Agreement provides that said earnest money is to be deposited in Seller’s general account, Buyer acknowledges and agrees that Seller shall have the right to use such funds for whatever purpose Seller sees fit. Buyer acknowledges that in paying the earnest money directly to the Seller, the earnest money will be at an increased risk of loss than if it were held in the escrow/trust account of Broker.
N IN G
Buyer and Seller agree to indemnify and hold harmless Broker and Broker’s Affiliated Licensees against any and all claims, causes of action, damages or losses arising out of or relating to the earnest money being held by Seller. 2. Return and Disbursement of Earnest Money. Seller shall promptly refund the earnest money to Buyer upon the: (1) failure of the parties to enter into a binding agreement; (2) failure of any contingency or condition to which this Agreement is subject; (3) termination of this Agreement due to the default of Seller; or (4) termination of this Agreement in accordance with a specific right to terminate set forth in the Agreement. Otherwise, the earnest money shall be applied towards the purchase price of the Property at closing or if other funds are used to pay the purchase price then the earnest money shall be returned to Buyer.
TR AI
3. Earnest Money Retained by Seller as Liquidated Damages. In the event Buyer fails to close upon the purchase of the Property due to Buyer’s breach of this Agreement, Seller shall retain the earnest money as full and complete liquidated damages, and in full settlement of any and all claims of Seller against Buyer and Brokers, it being agreed that this amount is a reasonable pre-estimate of Seller’s actual damages in the event of a breach and not a penalty.
Seller’s Initials: _____________________/________________
FO
R
Buyer’s Initials: ______________________/_______________
THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH _____________________________ IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS® AT (770) 451-1831. Copyright© 2016 by Georgia Association of REALTORS®, Inc.
F80, Earnest Money Held by Seller Exhibit, 01/01/16
If, in conflict with the “Earnest Money” paragraph of the Agreement, the following shall control:
LY
This Exhibit is part of the Agreement with an Offer Date of ________________________________ for the purchase and sale of that certain Property known as: _____________________________________________, _____________________________, Georgia ____________.
O N
1. Earnest Money. Buyer has paid to Seller earnest money of $____________________ by check, cash or wire transfer of immediately available funds, the receipt of which is hereby acknowledged by Seller, which earnest money is to be deposited [check one]: in Seller’s escrow/trust account OR in the general account of Seller and not in a separate escrow/trust bank account. This earnest money is to be applied as part payment of the purchase price at the time of closing, or otherwise is to be disbursed as provided in this Agreement. Seller shall deposit such earnest money as provided herein promptly after this Agreement has been accepted by all parties. In the event this Agreement provides that said earnest money is to be deposited in Seller’s general account, Buyer acknowledges and agrees that Seller shall have the right to use such funds for whatever purpose Seller sees fit. Buyer acknowledges that in paying the earnest money directly to the Seller, the earnest money will be at an increased risk of loss than if it were held in the escrow/trust account of Broker.
N IN G
Buyer and Seller agree to indemnify and hold harmless Broker and Broker’s Affiliated Licensees against any and all claims, causes of action, damages or losses arising out of or relating to the earnest money being held by Seller. 2. Return and Disbursement of Earnest Money. Seller shall promptly refund the earnest money to Buyer upon the: (1) failure of the parties to enter into a binding agreement; (2) failure of any contingency or condition to which this Agreement is subject; (3) termination of this Agreement due to the default of Seller; or (4) termination of this Agreement in accordance with a specific right to terminate set forth in the Agreement. Otherwise, the earnest money shall be applied towards the purchase price of the Property at closing or if other funds are used to pay the purchase price then the earnest money shall be returned to Buyer.
TR AI
3. Earnest Money Retained by Seller as Liquidated Damages. In the event Buyer fails to close upon the purchase of the Property due to Buyer’s breach of this Agreement, Seller shall retain the earnest money as full and complete liquidated damages, and in full settlement of any and all claims of Seller against Buyer and Brokers, it being agreed that this amount is a reasonable pre-estimate of Seller’s actual damages in the event of a breach and not a penalty.
Seller’s Initials: _____________________/________________
FO
R
Buyer’s Initials: ______________________/_______________
THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH _____________________________ IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS® AT (770) 451-1831. Copyright© 2016 by Georgia Association of REALTORS®, Inc.
F80, Earnest Money Held by Seller Exhibit, 01/01/16
