Imp of foll words in agreement

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2012 WHAT IS THE iMPORTANCE OF THE FOLLOWING THE WORDS IN THE AGREEMENT
1.EARNEST MONEY
2.PART PAYMENT
3.ADVANCE PAYMENT

TOWARDS THE PROPERTY

Amol S Joglekar

Amol S Joglekar (Expert)
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03 May 2012 A property is for sale. Bids are invited publicly say upto 21/05/2012. Earnest money is the money deposited by the intending buyer with the vendor. On 21/5/2012, the bids are opened and the tender is allotted to your client. The transaction to be executed on say 09/07/2012. EMD will stand converted to advance payment till execution of document. Part payment is the partial payment; if any, made after the execution of document.

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