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Easy instructions on how to Convert Earnest Money Promissory Note

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How to Convert Earnest Money Promissory Note

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hi Im Annie Fitzsimmons Im your Washington Realtors Legal Hotline lawyer and this video is probably going to be most appropriately gauged towards our should I say more experienced members I wouldnt describe you as old but I would say that the practice in which some of you engage is a very old practice antiquated even and you need to dispense with it and that is the practice of using promissory notes for earnest money stop doing that why do you need a promissory note for earnest money let me tell you the reason most people sell me we need a promissory note because buyer doesnt want to have to deliver earnest money by the second day following mutual acceptance they need three or four or five days so they can go back to wherever they live and get money out of their account and send it in or they want to wait until the inspection contingency has been satisfied or waived or whatever other reason would justify a delayed deposit of the earnest money fine I dont care when the department

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What is an earnest money promissory note is?

An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller. (c) Within [Enter figure] days/hours following the execution of the Sale and Purchase Agreement.

How do you use earnest money in a promissory note?

Earnest money deposits can take any form agreed to by the seller. In some cases, the buyer will offer an earnest money promissory note instead of making a direct payment. This gives the buyer some assurance that it will not lose the money deposited if the deal falls through.

What is earnest money in a contract to sell?

In a contract to sell, the payment of earnest money represents the sellers opportunity cost of holding in abeyance the search for other buyers or better deals. Absent proof of a clear agreement to the contrary, it should be forfeited if the sale does not happen without the sellers fault.

Who keeps earnest money when seller backs?

Seller Cancels the Contract. Sometimes, the seller changes their mind and decides not to sell the property for some reason. If the seller terminates the contract, then the buyer will get the earnest money deposit returned.

Can a promissory note be deposited?

Deposit Promissory Note means a debt instrument issued by the Bank; upon maturity the Bank is obliged to pay to the Client the Amount Payable. Concurrently the Bank ensures the custody of such promissory note.

What happens with the earnest money after the buyer performs under the sale contract?

Earnest money contracts have contingencies that protect both the seller and the buyer. In case a sale goes through, earnest money is generally refundable. Contingencies set out more terms under which even if the sale doesnt go through, the earnest money is refundable.

Who keeps earnest money if deal falls through?

Remember, if the contingencies in a sales contract are fulfilled and the buyer still doesnt close, the seller is entitled to keep the buyers earnest money.

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Convert Earnest Money Promissory Note