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NONREFUNDABLE EARNEST MONEY ADDENDUMProperty Address: ___ Seller(s): ___ Buyer(s): ___The Buyer is in agreement that the Earnest Money deposit of $___ will be tendered within one (1) business day

How to fill out non-refundable earnest money addendum

How to fill out non-refundable earnest money addendum

1. Begin with the appropriate heading on the document indicating it is a non-refundable earnest money addendum.
2. State the parties involved, including the buyer(s) and seller(s), and provide their contact information.
3. Clearly identify the property address to which the addendum applies.
4. Specify the amount of earnest money being submitted and explicitly state that it is non-refundable.
5. Include the terms under which the earnest money will be forfeited if the transaction does not proceed.
6. Ensure to sign and date the document by all parties to acknowledge the conditions outlined.

Who needs non-refundable earnest money addendum?

1. Homebuyers who want their offer to stand out in a competitive market.
2. Sellers seeking assurance of commitment from potential buyers.
3. Real estate agents advising their clients on strategies for successful negotiations.

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What is non-refundable earnest money addendum?

A non-refundable earnest money addendum is a legal document that states that the earnest money payment made by the buyer to secure a purchase agreement is not refundable under any circumstances if the buyer fails to complete the transaction.

Who is required to file non-refundable earnest money addendum?

The buyer, or the party making the earnest money deposit, is typically required to file the non-refundable earnest money addendum as part of the real estate transaction.

How to fill out non-refundable earnest money addendum?

To fill out a non-refundable earnest money addendum, you need to provide details such as the names of the parties involved, the property address, the amount of the earnest money deposit, and a statement indicating that the money is non-refundable.

What is the purpose of non-refundable earnest money addendum?

The purpose of a non-refundable earnest money addendum is to protect the seller's interests by ensuring that the buyer is serious about the purchase, as they forfeit their deposit if they back out of the deal.

What information must be reported on non-refundable earnest money addendum?

The information that must be reported includes the names of the buyer and seller, the property description, the amount of earnest money, the date of the agreement, and any conditions under which the earnest money is considered non-refundable.