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Earnest Money Contract

Earnest Money Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Earnest Money Contract

I need an Earnest Money Contract for the purchase of a commercial office building in Dubai Business Bay, with a 10% earnest money deposit and specific provisions for due diligence to be completed by March 2025, including environmental assessment requirements.

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Document background
The Earnest Money Contract serves as a crucial document in UAE property transactions, demonstrating the buyer's serious intention to purchase and the seller's commitment to the sale. This document is typically used in the initial stages of property transactions, whether commercial or residential, and must comply with both UAE federal laws and specific emirate regulations. It details the earnest money deposit amount (typically 5-10% of the purchase price in the UAE market), handling procedures, and conditions for refund or forfeiture. The agreement provides protection for both parties by clearly defining their rights and obligations, timelines, and conditions precedent to closing. It must be structured to accommodate UAE's unique real estate registration requirements and often involves coordination with authorized escrow agents and registration trustees.
Suggested Sections

1. Parties: Identification of buyer, seller, and any agents/brokers involved, including full legal names and contact details

2. Background: Context of the transaction and purpose of the earnest money agreement

3. Definitions: Key terms used throughout the agreement including Property, Earnest Money, Closing Date, etc.

4. Property Description: Detailed legal description of the property being purchased

5. Purchase Price: Total purchase price and payment structure

6. Earnest Money Terms: Amount of earnest money, payment deadline, and holding arrangements

7. Escrow Terms: Details of escrow agent and earnest money handling procedures

8. Due Diligence Period: Timeframe and conditions for buyer's property investigation

9. Conditions Precedent: Conditions that must be met before proceeding to closing

10. Closing Terms: Closing date, location, and requirements

11. Default and Remedies: Consequences of default by either party and available remedies

12. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction

13. Notices: Method and addresses for official communications

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Financing Contingency: Include when purchase depends on buyer obtaining specific financing

2. Property Inspection Contingency: Include when buyer requires specific inspection rights beyond standard due diligence

3. Seller's Warranties: Include when seller provides specific warranties about property condition

4. Title Insurance: Include when title insurance is part of the transaction

5. Property Management During Contract Period: Include for properties requiring management between contract and closing

6. Commission Terms: Include when brokers are involved in the transaction

7. Force Majeure: Include specific force majeure provisions beyond standard UAE law

8. Arbitration: Include when parties prefer arbitration over court proceedings

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property description, including plans and specifications

2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including earnest money and purchase price installments

3. Schedule 3 - Due Diligence Requirements: List of required documents and inspections for due diligence

4. Schedule 4 - Property Title Documents: Copies of title deed and other relevant property ownership documents

5. Schedule 5 - Escrow Agreement: Detailed terms of escrow arrangement

6. Appendix A - Property Photos and Plans: Visual documentation of the property

7. Appendix B - Required Governmental Approvals: List of necessary permits and approvals

8. Appendix C - Form of Transfer Instruments: Templates for property transfer documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Banking & Finance

Legal Services

Construction

Property Development

Investment & Fund Management

Hospitality

Retail

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Operations

Business Development

Finance

Risk Management

Asset Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Real Estate Broker

Property Manager

Investment Manager

Real Estate Agent

Contract Manager

Transaction Manager

Chief Legal Officer

Real Estate Director

Investment Director

Property Acquisition Manager

Real Estate Operations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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