deposit contract

Deposit Agreement

This Deposit Agreement (this “Agreement”) is entered into this ___ day of ____, 2021 (the “Effective Date”) by and between _____ (“Agent”) and _____ (“Client”).

Recitals:

A. Client wishes to purchase a property (the “Property”) located at _____ for the purchase price of _____;

B. Agent and Client have agreed to enter into an escrow agreement whereby Agent shall act as Agent to deposit an amount (the “Deposit”) to be held in escrow and disbursed according to the terms of this Agreement;

C. The parties have agreed to enter into this Agreement to set forth the terms and conditions relating to the Deposit and the performance of the duties of Agent.

Now, therefore, the parties agree to enter into the following terms and conditions:

1. The Deposit:

(a) Client shall deposit with Agent an amount (the “Deposit”) of not less than Twenty Five Hundred Dollars ($2500.00).

(b) The Deposit shall be non-refundable, but shall be available for disbursement by Agent pursuant to the terms of this Agreement or at the direction of Client.

(c) The Deposit shall be made by Client to Agent in the form of cash, certified funds, or a wire transfer.

2. Representations and Warrants:

(a) Client represents and warrants that it has the necessary legal capacity and authority to enter into this Agreement.

(b) Client shall provide Agent with sufficient information to enable Agent to comply with any reporting requirements with respect to the Deposit.

(c) Upon request of either party, the other party shall execute and deliver additional documents or instruments deemed necessary or appropriate by the requesting party to effect or document the terms and conditions of this Agreement.

3. Duties of Agent:

(a) Agent shall be responsible for acceptance, safekeeping and disbursement of the Deposit, at the direction of Client, as provided in this Agreement, in accordance with the applicable laws and regulations.

(b) Agent shall exercise reasonable, prudent and careful judgment with respect to all matters involving the Deposit and disbursement of the Deposit.

(c) Agent shall maintain accurate records relating to all activities pertaining to the Deposit.

4. Disbursement of the Deposit:

(a) Agent shall disburse the Deposit upon the closing of the purchase of the Property, provided that all of the terms and conditions of this Agreement have been satisfied.

(b) Agent shall disburse the Deposit at the sole discretion of Client.

5. Termination:

This Agreement shall terminate upon the closing of the purchase of the Property, provided that all of the terms and conditions of this Agreement have been satisfied.

6. Miscellaneous:

(a) This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all prior agreement of the parties with respect to such subject matter.

(b) This Agreement may not be altered or amended except in writing signed by both parties.

(c) This Agreement shall be governed by the laws of the State of _____.

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written.

Agent:

___________

Client:

___________

Deposit Contract

This Deposit Contract (“Contract”) is made on [date] by and between [Name], (“ Lessor”) and [Name], (“ Lessee”).

The subject matter of this Contract is the placement of a deposit by the Lessee with the Lessor for the purpose of renting certain premises.

The Lessee agrees to pay the Lessor a deposit of [amount] on [date]. The deposit will be held in escrow by Lessor to secure the Lessee’s commitment to renting the premises in question.

If the Lessee defaults on their obligation to enter into the rental agreement or fails to use the premises in the manner prescribed by the rental agreement, the Lessor may keep the deposit as full or partial compensation for their losses. The Lessee shall not be entitled to any interest or profits earned on the deposit.

The deposit may be refunded if the Lessee upholds their obligations as prescribed by the rental agreement and upon the agreement of both parties.

The parties acknowledge that this Contract is binding and agree to be held to its terms and conditions.

In witness to their agreement, both parties have executed this Contract as of the date written above.

_____________________________

Lessor

_____________________________

Lessee