What is the Contract in Form of Earnest Money or Deposit Receipt-Seller
In the agreement which is the Contract in Form of Earnest Money or Deposit Receipt-Seller the seller signs the document stating that he or she has received the sum of money from the purchaser as earnest money. This is to be considered as part payment of the property which the purchaser intends to purchase and the seller gives the entire particulars about the property.
As per the Contract in Form of Earnest Money or Deposit Receipt-Seller the seller also mentions that the complete abstract is to be submitted to the purchaser with regards the title continued and this needs to be done within a stipulated number of days that are agreed upon by the purchaser and seller. This abstract is to be given so that the purchaser can examine the title.
Incase the premises are not good or if the premises cannot be made good within a stipulated number of days from the signing of the Contract in Form of Earnest Money or Deposit Receipt-Seller then the contract itself becomes void and the earnest money is to be refunded to the purchaser. However, if the title is good and the purchaser then refuses to accept the premises, then the earnest money will be forfeited by the purchaser. However, whatever be the case, the forfeiture will not in any way affect either of the part’s rights to enforce that the contract is still carried out.
This Contract in Form of Earnest Money or Deposit Receipt-Seller is then signed by both the seller and purchaser and dated too.
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