Residential Real Estate Sale Contract Template Page 2
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63.EARNEST MONIES AND ADDITIONAL DEPOSITS: Upon acceptance of this Contract, unless agreed, any
Earnest Money referenced in Paragraph 2 (A) shall be deposited within 5 business days of the Effective Date, in an
insured escrow account maintained by Escrow Agent. Any additional deposits shall be deposited within 5 business
days of receipt by Escrow Agent. Buyer and Seller agree that the Escrow Agent may retain any interest earned on
escrowed funds. If this Contract is cancelled by the parties or if the Earnest Money is to be forfeited or refunded, the
parties agree that the amount to be distributed shall first be reduced by any unpaid charges for credit reports,
appraisals, surveys, termite, mechanical and other inspections, and title investigation fees, if any, incurred by the
Escrow Agent on behalf of the party receiving the funds.
Notwithstanding any other terms of this Contract providing for the forfeiture or refund of Earnest Money, the parties
understand that the Escrow Agent will not distribute the Earnest Money without the written consent of all parties to
this Contract unless permitted to do so by applicable state laws. If BUYER and SELLER are unable to agree in
writing upon the disposition of the Earnest Money or any other funds Escrow Agent may commence an interpleader
or similar proceeding and BUYER and SELLER authorize Escrow Agent to pay all funds to the Clerk of the Court
for disposition as the Court may direct. BUYER and SELLER agree that Escrow Agent shall be entitled to
reimbursement of its costs incurred in connection with the interpleader or similar proceeding including without
limitation, reasonable attorneys’ fees and expenses.
BUYER and SELLER agree that, in the absence of a dispute or written consent to distribution, the failure by either
to respond in writing to a certified letter from Escrow Agent within 7 days (if Kansas property) 15 days (if Missouri
property) of receipt thereof or failure to make written demand for return or forfeiture of the Earnest Money with 30
days (if Kansas property) 60 days (if Missouri property0 of notice of cancellation of this contract shall constitute
consent to the distribution of the Earnest Money s suggested in such certified letter.
4. ( ) FINANCING CONDITIONS (check if applicable): This Contract is contingent upon BUYER obtaining
financing pursuant to the attached financing addendum.
5. CLOSING AND POSSESSION: (closing shall be completed on or before) ___________________________
(Closing Date). SELLER shall deliver possession of the PROPERTY to BUYER on ____________________
at ____________ ___.M. (Possession Date).
6. ( ) SALE/CLOSING OF BUYER’S PROPERTY (check if applicable): BUYER currently owns a house located at
___________________________________________________(Buyer’s House). This Contract is conditioned upon
the (check one):
( ) a. SALE of BUYER’S house, which is currently on the market and listed with ____________________
_______________________on or before _______________________, The PROPERTY shall remain on
the market for sale. If SELLER accepts another bona fide offer before the sale and closing of BUYER’S
property, BUYER shall have _______ (48 hours if left blank) hours from receipt of written notice from
SELLER TO EXERCISE THE OPTION OF CONTINUING THIS Contract and converting it to a non-
contingent (except for uncompleted inspections) cash contract by PAYING DIRECTLY TO SELLER
ADDITIONAL EARNEST MONEY in the amount of $_________________ (2% of the above purchase
price if blank) and agreeing in writing to remove both the condition respecting the sale of BUYER’S
property and all financing conditions of this Contract. At the Closing, the full amount of the additional
earnest money deposit shall be applied toward BUYER’S payment of the Purchase Price. If BUYER does
not, within the stated time, both remove these conditions in writing and pay SELLER the additional earnest
money, this Contract shall be cancelled and the Earnest Money shall be returned to BUYER.
If the amount of the additional earnest money stated above is less than 2% of the purchase price, BUYER
agrees not to exercise the option to continue this Contract unless: (I) BUYER’S property is then currently
under contract and BUYER has loan approval subject only to the sale of BUYER’S property; or (2)
BUYER provides SELLER with evidence of BUYER’S financial ability to close on the purchase without
the loan and without funds from the closing of BUYER’S property.
( ) b. of the sale of BUYER’S house, which is currently under contract, by the Closing Date of this
Contract. If the contract on BUYER’S house cancels or otherwise falls to close through no fault of the
BUYER, BUYER shall notify SELLER in writing and SELLER may cancel this Contract and BUYER’S
earnest money shall be refunded to BUYER.
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