The importance of mentioning the mode of payment in an earnest money agreement is that it provides a level of protection for the parties involved. This ensures that if there are any disputes, it will be easier for one party to prove that they did not receive their final payment. If there is no mention, the court may decide to award damages to one party or another.
[Buyer.FirstName][Buyer.LastName] at this moment agrees to pay a sum of $(Total Purchase Price of the Property) for the property as outlined above or a cash equivalent.
The buyer agrees to settle or discharge all previous debts and obligations of any nature within the county in which the said property is located. [Buyer.FirstName][Buyer.LastName] agrees to conduct themselves as a responsible citizen at all times.
The buyer hereby assumes full responsibility for any problem with which they may be charged to avoid this document being used against them in a court of law.
The buyer agrees that they are not protected under this agreement, nor does it in any way relieve the seller of responsibility and liability for any problems with which said buyer may be chargeable.
The buyer is still responsible for all liabilities which may arise from the use of their property. The buyer hereby assumes full accountability for any problems with which they may be chargeable. This document does not limit or waive any claims the seller may have against the buyer.