This agreement is used to close the TBer after: 1. Knows all the terms and conditions of the purchase (we usually communicate all of that over e-mail, our website and phone). 2. Knows how our Lease/Purchase program works (we have a description on the website). 3. Has looked at the house and knows exactly what he will be buying. 4. Knows what fix-up or cleaning we’ll be providing prior to the move-in (discussed before). 5. Knows how much funds he’ll need total to bring for closing before the keys (and possession) will be given to him and the actual Lease/Option Contract will be signed. 6. Knows how much money he’ll need to bring with him at his 1st appointment with us to take the home off the market for inspections (our standard policy is 1% of purchase price in cash). 7. Knows he’ll have 7 days after putting down a deposit to inspect the property and choose one of 3 Options: a) Terminate the earnest money agreement in writing within 7 days and receive his money back unconditionally, b) Request specific repairs to be performed. At this point we’ll negotiate the amount and nature of repairs and either agree to complete them or cancel the earnest money agreement and return the funds back to Buyer. c) Say nothing and therefore accept the property in the “as is” condition. The earnest money deposit becomes non-refundable at that point and will be held as liquidated damages if the client doesn't appear to sign Lease/Option agreement or fails to produce the rest of funds necessary to close.