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Outline

The Money Agreement Oregon form serves as a critical tool in real estate transactions, particularly in the state of Oregon. This document outlines the essential terms and conditions between buyers and sellers during the purchase and sale of property. It includes a receipt for earnest money, which signifies the buyer's commitment to the transaction. The form requires both parties to acknowledge their agency relationships, ensuring transparency and clarity in representation. Buyers must execute an agency acknowledgment concurrently with the agreement, while sellers must do so upon receipt of the agreement. Additionally, the form mandates that both parties receive the Oregon Real Estate Agency Disclosure pamphlet, ensuring they are informed of their rights and obligations. Key components of the agreement include the purchase price, conditions of purchase, and provisions for property inspections. By detailing these aspects, the Money Agreement Oregon form not only facilitates a smooth transaction but also protects the interests of both buyers and sellers.

Sample - Money Agreement Oregon Form

C O M M E R C I A L A S S O C I A T I O N O F R E A L T O R S ® O R E G O N / S W W A S H I N G T O N P U R C H A S E A N D S A L E A G R E E M E N T A N D R E C E I P T F O R E A R N E S T M O N E Y

( O r e g o n C o m m e r c i a l F o r m )

________________________________________________________________________

A G E N C Y A C K N O W L E D G M E N T

B u y e r s h a l l e x e c u t e t h i s A c k n o w l e d g m e n t c o n c u r r e n t w i t h t h e e x e c u t i o n o f t h e A g r e e m e n t b e l o w a n d p r i o r t o d e l i v e r y o f t h a t A g r e e m e n t t o S e l l e r . S e l l e r s h a l l e x e c u t e t h i s A c k n o w l e d g m e n t u p o n r e c e i p t o f t h e A g r e e m e n t b y S e l l e r , e v e n i f S e l l e r i n t e n d s t o r e j e c t t h e A g r e e m e n t o r m a k e a c o u n t e r - o f f e r . I n n o e v e n t s h a l l S e l l e r ’ s e x e c u t i o n o f t h i s A c k n o w l e d g m e n t c o n s t i t u t e a c c e p t a n c e o f t h e A g r e e m e n t o r a n y t e r m s c o n t a i n e d t h e r e i n .

P u r s u a n t t o t h e r e q u i r e m e n t s o f O r e g o n A d m i n i s t r a t i v e R u l e s ( O A R 8 6 3 - 0 1 5 - 0 2 1 5 ) , b o t h B u y e r a n d S e l l e r a c k n o w l e d g e h a v i n g r e c e i v e d t h e O r e g o n R e a l E s t a t e A g e n c y D i s c l o s u r e P a m p h l e t , a n d b y e x e c u t i o n b e l o w a c k n o w l e d g e a n d c o n s e n t t o t h e a g e n c y r e l a t i o n s h i p s i n t h e f o l l o w i n g r e a l e s t a t e p u r c h a s e a n d s a l e t r a n s a c t i o n a s f o l l o w s :

( a )

( a g e n t n a m e )

 

 

B u y e r e x c l u s i v e l y ;

 

L i m i t e d A g e n c y ” )

o f

 

f i r m ) ( S e l l i n g L i c e n s e e ) i s t h e a g e n t o f ( c h e c k o n e ) :

 

S e l l e r e x c l u s i v e l y ;

b o t h S e l l e r a n d B u y e r ( “ D i s c l o s e d

( b )

( a g e n t n a m e )

 

 

B u y e r e x c l u s i v e l y ;

 

L i m i t e d A g e n c y ” ) .

o f

 

( f i r m ) ( L i s t i n g L i c e n s e e ) i s t h e a g e n t o f ( c h e c k o n e ) :

 

S e l l e r e x c l u s i v e l y ;

b o t h S e l l e r a n d B u y e r ( “ D i s c l o s e d

I f t h e n a m e o f t h e s a m e r e a l e s t a t e f i r m a p p e a r s i n b o t h P a r a g r a p h s ( a ) a n d ( b ) a b o v e , B u y e r a n d S e l l e r a c k n o w l e d g e t h a t a p r i n c i p a l b r o k e r o f t h a t r e a l e s t a t e f i r m s h a l l b e c o m e t h e D i s c l o s e d L i m i t e d A g e n t f o r b o t h B u y e r a n d S e l l e r , a s m o r e f u l l y s e t f o r t h i n t h e D i s c l o s e d L i m i t e d A g e n c y A g r e e m e n t s t h a t h a v e b e e n r e v i e w e d a n d s i g n e d b y B u y e r , S e l l e r a n d t h e n a m e d r e a l e s t a t e l i c e n s e e ( s ) .

A C K N O W L E D G E D

B u y e r :

( p r i n t )

 

( s i g n ) __________________________ D a t e : ___

 

 

 

 

 

B u y e r :

( p r i n t )

 

( s i g n ) _________________________ D a t e : ____

 

 

 

 

 

 

 

S e l l e r :

( p r i n t )

 

( s i g n )

_________________________

D a t e : ____

 

 

 

 

 

 

 

S e l l e r :

( p r i n t )

 

( s i g n )

_________________________

D a t e : ___

 

 

 

 

 

 

 

©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)

PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

1 of 13

________________________________________________________________________

P U R C H A S E A N D S A L E A G R E E M E N T A N D R E C E I P T F O R E A R N E S T M O N E Y

1D a t e d :

2

B E T W E E N :

 

 

( " S e l l e r " )

 

 

 

 

 

 

 

 

3

 

A d d r e s s :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

A N D :

 

 

 

 

( " B u y e r " )

 

 

 

 

 

 

 

 

5

 

A d d r e s s :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

B u y e r o f f e r s t o b u y a n d a c q u i r e f r o m S e l l e r ( i ) t h e r e a l p r o p e r t y a n d a l l i m p r o v e m e n t s

7

t h e r e o n c o m m o n l y k n o w n a s

 

 

a n d l o c a t e d a t

 

 

 

i n t h e C i t y o f

 

, C o u n t y o f

8

 

, O r e g o n l e g a l l y d e s c r i b e d o n E x h i b i t A , a t t a c h e d h e r e t o a n d i n c o r p o r a t e d h e r e i n b y

9

r e f e r e n c e ( t h e “ P r o p e r t y ” ) a n d [ c h e c k b o x i f a p p l i c a b l e

 

 

] , ( i i ) a l l o f S e l l e r ’ s r i g h t , t i t l e a n d

 

10i n t e r e s t i n a n d t o c e r t a i n l e a s e ( s ) b y w h i c h t h e P r o p e r t y i s d e m i s e d a s d e s c r i b e d o n E x h i b i t B

11

a t t a c h e d h e r e t o a n d i n c o r p o r a t e d h e r e i n b y r e f e r e n c e ( t h e “ L e a s e s ” ) . I f n o l e g a l d e s c r i p t i o n i s

12

a t t a c h e d , B u y e r a n d S e l l e r w i l l a t t a c h a l e g a l d e s c r i p t i o n u p o n r e c e i p t a n d

r e a s o n a b l e

13

a p p r o v a l b y b o t h p a r t i e s o f t h e P r e l i m i n a r y C o m m i t m e n t o r , i f a p p l i c a b l e , t h e

S u r v e y . A s

14

p a r t i a l c o n s i d e r a t i o n f o r t h e a s s i g n m e n t o f t h e L e a s e ( s ) t o B u y e r , a t t h e C l o s i n g ( a s d e f i n e d

15i n S e c t i o n 7 h e r e o f ) B u y e r s h a l l a s s u m e a l l o f t h e o b l i g a t i o n s o f t h e L e s s o r u n d e r t h e L e a s e

16 w h i c h f i r s t a c c r u e o n o r a f t e r t h e C l o s i n g D a t e ( a s d e f i n e d i n s a i d S e c t i o n 7 ) . T h e p a r t i e s

17s h a l l a c c o m p l i s h s u c h a s s i g n m e n t a n d a s s u m p t i o n b y e x e c u t i n g a n d d e l i v e r i n g t o e a c h o t h e r

18t h r o u g h E s c r o w a n A s s i g n m e n t o f L e s s o r ' s I n t e r e s t U n d e r L e a s e s u b s t a n t i a l l y i n t h e f o r m o f

19E x h i b i t B a t t a c h e d h e r e t o ( t h e " A s s i g n m e n t " ) . T h e o c c u p a n c y o f t h e P r o p e r t y b y t h e L e s s e e s

20u n d e r s u c h L e a s e s a r e h e r e i n a f t e r s o m e t i m e s r e f e r r e d t o a s t h e “ T e n a n c i e s ” .

21

 

 

 

 

 

 

 

 

 

 

 

22

1 .

P u r c h a s e P r i c e . T h e t o t a l p u r c h a s e p r i c e i s

 

 

d o l l a r s ( $

 

) ( t h e

23

“ P u r c h a s e P r i c e ” ) p a y a b l e a s f o l l o w s :

.

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

25

1 . 1 .

E a r n e s t M o n e y D e p o s i t . U p o n e x e c u t i o n o f t h i s A g r e e m e n t , B u y e r s h a l l d e l i v e r

26

t o t h e E s c r o w H o l d e r a s d e f i n e d i n h e r e i n , f o r t h e a c c o u n t o f B u y e r $

 

 

a s e a r n e s t m o n e y

27

( t h e " E a r n e s t M o n e y " ) i n t h e f o r m o f

c a s h o r

c h e c k o r

p r o m i s s o r y n o t e ( t h e “ N o t e ” ) .

28

I f t h e E a r n e s t M o n e y i s i n t h e f o r m o f a c h e c k b e i n g h e l d u n - d e p o s i t e d b y t h e

L i s t i n g

29S e l l i n g F i r m , i t s h a l l b e d e p o s i t e d n o l a t e r t h a n 5 P M P a c i f i c T i m e t h r e e d a y s a f t e r e x e c u t i o n

30 o f t h e A g r e e m e n t b y B u y e r a n d S e l l e r i n t h e L i s t i n g S e l l i n g F i r m ’ s C l i e n t s ’ T r u s t

31A c c o u n t t o t h e E s c r o w ( a s h e r e i n a f t e r d e f i n e d ) . I f t h e E a r n e s t M o n e y i s i n t h e f o r m o f t h e

32N o t e , i t s h a l l b e d u e a n d p a y a b l e n o l a t e r t h a n 5 P M P a c i f i c T i m e o n e d a y a f t e r e x e c u t i o n

33

o f t h i s A g r e e m e n t b y B u y e r a n d S e l l e r o r

a f t e r s a t i s f a c t i o n o r w a i v e r b y B u y e r o f t h e

34

c o n d i t i o n s t o B u y e r ' s o b l i g a t i o n t o p u r c h a s e t h e P r o p e r t y s e t f o r t h i n t h i s A g r e e m e n t o r

35O t h e r : . I f t h e N o t e i s n o t r e d e e m e d a n d p a i d i n f u l l w h e n d u e , t h e n ( i ) t h e N o t e s h a l l b e

36 d e l i v e r e d a n d e n d o r s e d t o S e l l e r ( i f n o t a l r e a d y i n S e l l e r ’ s p o s s e s s i o n ) , ( i i ) S e l l e r m a y c o l l e c t

37t h e E a r n e s t M o n e y f r o m B u y e r , e i t h e r p u r s u a n t t o a n a c t i o n o n t h e N o t e o r a n a c t i o n o n t h i s

38 A g r e e m e n t , a n d ( i i i ) S e l l e r s h a l l h a v e n o f u r t h e r o b l i g a t i o n s u n d e r t h i s A g r e e m e n t . T h e

39p u r c h a s e a n d s a l e o f t h e P r o p e r t y s h a l l b e a c c o m p l i s h e d t h r o u g h a n e s c r o w ( t h e " E s c r o w " )

40

w h i c h S e l l e r h a s e s t a b l i s h e d o r w i l l e s t a b l i s h w i t h

 

 

( t h e “ T i t l e C o m p a n y ) a n d t h e

41

E a r n e s t M o n e y s h a l l b e d e p o s i t e d w i t h

T i t l e C o m p a n y o r

O t h e r :

 

T h e E a r n e s t

42M o n e y s h a l l b e a p p l i e d t o t h e p a y m e n t o f t h e p u r c h a s e p r i c e f o r t h e P r o p e r t y a t C l o s i n g . A n y

43i n t e r e s t e a r n e d o n t h e E a r n e s t M o n e y s h a l l b e c o n s i d e r e d t o b e p a r t o f t h e E a r n e s t M o n e y .

44T h e E a r n e s t M o n e y s h a l l b e r e t u r n e d t o B u y e r i n t h e e v e n t a n y c o n d i t i o n t o B u y e r ' s o b l i g a t i o n

45t o p u r c h a s e t h e P r o p e r t y s h a l l f a i l t o b e s a t i s f i e d o r w a i v e d t h r o u g h n o f a u l t o f B u y e r .

©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)

PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

2 of 13

1

 

 

 

 

 

 

 

 

2

2 .

C o n d i t i o n s t o P u r c h a s e .

B u y e r ' s o b l i g a t i o n t o p u r c h a s e t h e P r o p e r t y i s

3

c o n d i t i o n e d o n t h e f o l l o w i n g :

n o n e o r

B u y e r ' s a p p r o v a l o f t h e r e s u l t s o f ( i ) t h e P r o p e r t y

4

i n s p e c t i o n d e s c r i b e d i n S e c t i o n 3 b e l o w a n d ( i i ) t h e d o c u m e n t r e v i e w d e s c r i b e d i n S e c t i o n 4

5

a n d ( i i i ) ( d e s c r i b e a n y o t h e r c o n d i t i o n )

 

 

. I f f o r a n y r e a s o n i n B u y e r ’ s s o l e d i s c r e t i o n ,

6

B u y e r h a s n o t g i v e n w r i t t e n w a i v e r o f t h e s e c o n d i t i o n s , o r s t a t e d i n w r i t i n g t h a t t h e s e

7

c o n d i t i o n s h a v e b e e n s a t i s f i e d , b y w r i t t e n n o t i c e g i v e n t o S e l l e r w i t h i n

 

d a y s a f t e r t h e

8

d e l i v e r y o f a f u l l y e x e c u t e d A g r e e m e n t t o B u y e r a n d S e l l e r , t h i s A g r e e m e n t s h a l l b e d e e m e d

9

a u t o m a t i c a l l y t e r m i n a t e d , t h e E a r n e s t M o n e y s h a l l b e p r o m p t l y r e t u r n e d t o B u y e r , a n d

10

t h e r e a f t e r , e x c e p t a s s p e c i f i c a l l y p r o v i d e d t o t h e c o n t r a r y h e r e i n , n e i t h e r p a r t y s h a l l h a v e a n y

11f u r t h e r r i g h t o r r e m e d y h e r e u n d e r .

12

 

 

13

3 .

P r o p e r t y I n s p e c t i o n . S e l l e r s h a l l p e r m i t B u y e r a n d i t s a g e n t s , a t B u y e r ' s

14

s o l e e x p e n s e a n d r i s k , t o e n t e r t h e P r o p e r t y a t r e a s o n a b l e t i m e s a f t e r r e a s o n a b l e p r i o r

15

n o t i c e t o S e l l e r a n d a f t e r p r i o r n o t i c e t o t h e t e n a n t s o f t h e P r o p e r t y a s r e q u i r e d b y t h e

16t e n a n t s ' l e a s e s , i f a n y , t o c o n d u c t a n y a n d a l l i n s p e c t i o n s , t e s t s , a n d s u r v e y s c o n c e r n i n g t h e

17

s t r u c t u r a l c o n d i t i o n o f t h e i m p r o v e m e n t s , a l l m e c h a n i c a l , e l e c t r i c a l a n d p l u m b i n g s y s t e m s ,

18

h a z a r d o u s m a t e r i a l s , p e s t i n f e s t a t i o n , s o i l s c o n d i t i o n s , w e t l a n d s , A m e r i c a n s w i t h D i s a b i l i t i e s

19

A c t c o m p l i a n c e , a n d a l l o t h e r m a t t e r s a f f e c t i n g t h e s u i t a b i l i t y o f t h e P r o p e r t y f o r B u y e r ' s

20i n t e n d e d u s e a n d / o r o t h e r w i s e r e a s o n a b l y r e l a t e d t o t h e p u r c h a s e o f t h e P r o p e r t y i n c l u d i n g

21t h e e c o n o m i c f e a s i b i l i t y o f s u c h p u r c h a s e . B u y e r s h a l l i n d e m n i f y , h o l d h a r m l e s s , a n d d e f e n d

22S e l l e r f r o m a l l l i e n s , c o s t s , a n d e x p e n s e s , i n c l u d i n g r e a s o n a b l e a t t o r n e y s ' f e e s a n d e x p e r t s '

23

f e e s , a r i s i n g f r o m o r r e l a t i n g t o B u y e r ' s e n t r y o n a n d i n s p e c t i o n o f t h e P r o p e r t y .

T h i s

24

a g r e e m e n t t o i n d e m n i f y , h o l d h a r m l e s s , a n d d e f e n d S e l l e r s h a l l s u r v i v e c l o s i n g o r a n y

25t e r m i n a t i o n o f t h i s A g r e e m e n t .

26

 

 

 

 

27

4 .

S e l l e r ' s D o c u m e n t s . W i t h i n

 

d a y s a f t e r t h e E x e c u t i o n D a t e , S e l l e r s h a l l

28

d e l i v e r t o B u y e r , a t B u y e r ' s a d d r e s s s h o w n b e l o w , l e g i b l e a n d c o m p l e t e c o p i e s o f

29

t h e f o l l o w i n g d o c u m e n t s a n d o t h e r i t e m s r e l a t i n g t o t h e o w n e r s h i p , o p e r a t i o n , a n d

30m a i n t e n a n c e o f t h e P r o p e r t y , t o t h e e x t e n t n o w i n e x i s t e n c e a n d t o t h e e x t e n t s u c h i t e m s a r e

31

w i t h i n S e l l e r ' s p o s s e s s i o n o r c o n t r o l :

.

 

 

 

32

 

 

 

 

 

 

 

 

33

5 .

T i t l e I n s u r a n c e . W i t h i n

 

 

d a y s a f t e r t h e E x e c u t i o n D a t e , S e l l e r s h a l l o p e n

34

t h e E s c r o w w i t h t h e T i t l e C o m p a n y a n d d e l i v e r t o B u y e r a p r e l i m i n a r y t i t l e r e p o r t f r o m t h e

35

T i t l e C o m p a n y ( t h e " P r e l i m i n a r y C o m m i t m e n t " ) , s h o w i n g t h e s t a t u s o f S e l l e r ' s t i t l e t o t h e

36

P r o p e r t y , t o g e t h e r w i t h c o m p l e t e a n d l e g i b l e c o p i e s o f a l l d o c u m e n t s s h o w n t h e r e i n

37

a s e x c e p t i o n s t o t i t l e ( “ E x c e p t i o n s ” ) . B u y e r s h a l l h a v e

 

d a y s a f t e r r e c e i p t o f a c o p y o f

38t h e P r e l i m i n a r y C o m m i t m e n t a n d E x c e p t i o n s w i t h i n w h i c h t o g i v e n o t i c e i n w r i t i n g t o S e l l e r o f

39

a n y o b j e c t i o n t o s u c h t i t l e o r t o a n y l i e n s o r e n c u m b r a n c e s a f f e c t i n g t h e P r o p e r t y . W i t h i n

40

 

d a y s a f t e r t h e d a t e o f s u c h n o t i c e f r o m B u y e r , S e l l e r s h a l l g i v e B u y e r w r i t t e n n o t i c e o f

41

w h e t h e r i t i s w i l l i n g a n d a b l e t o r e m o v e t h e o b j e c t e d - t o E x c e p t i o n s . W i t h i n

 

d a y s a f t e r

42

t h e d a t e o f s u c h n o t i c e f r o m S e l l e r , B u y e r s h a l l e l e c t w h e t h e r t o ( i ) p u r c h a s e t h e P r o p e r t y

43

s u b j e c t t o t h o s e o b j e c t e d - t o E x c e p t i o n s w h i c h S e l l e r i s n o t w i l l i n g o r a b l e t o r e m o v e o r ( i i )

44t e r m i n a t e t h i s A g r e e m e n t . O n o r b e f o r e t h e C l o s i n g D a t e ( d e f i n e d b e l o w ) , S e l l e r s h a l l r e m o v e

45 a l l E x c e p t i o n s t o w h i c h B u y e r o b j e c t s a n d w h i c h S e l l e r a g r e e s S e l l e r i s w i l l i n g a n d a b l e t o

46r e m o v e . A l l r e m a i n i n g E x c e p t i o n s s e t f o r t h i n t h e P r e l i m i n a r y C o m m i t m e n t a n d a g r e e d t o b y

47B u y e r s h a l l b e d e e m e d " P e r m i t t e d E x c e p t i o n s . " T h e t i t l e i n s u r a n c e p o l i c y t o b e d e l i v e r e d b y

48S e l l e r t o B u y e r a t C l o s i n g s h a l l c o n t a i n n o E x c e p t i o n s o t h e r t h a n t h e P e r m i t t e d E x c e p t i o n s ,

49a n y E x c e p t i o n s c a u s e d b y B u y e r a n d t h e u s u a l p r e p r i n t e d E x c e p t i o n s c o n t a i n e d i n a n o w n e r ' s

50s t a n d a r d A L T A f o r m t i t l e i n s u r a n c e p o l i c y .

©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)

PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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2

6 .

D e f a u l t ; R e m e d i e s . N o t w i t h s t a n d i n g a n y t h i n g t o t h e c o n t r a r y c o n t a i n e d i n t h i s

3

A g r e e m e n t , i n t h e e v e n t B u y e r f a i l s t o d e p o s i t t h e E a r n e s t M o n e y D e p o s i t i n E s c r o w s t r i c t l y

4

a s a n d w h e n c o n t e m p l a t e d u n d e r S e c t i o n 1 . 1 a b o v e , S e l l e r s h a l l h a v e t h e r i g h t a t a n y t i m e

5

t h e r e a f t e r t o t e r m i n a t e t h i s A g r e e m e n t a n d a l l f u r t h e r r i g h t s a n d o b l i g a t i o n s h e r e u n d e r b y

6

g i v i n g w r i t t e n n o t i c e t h e r e o f t o B u y e r . I f t h e c o n d i t i o n s , i f a n y , t o B u y e r ' s o b l i g a t i o n t o

7c o n s u m m a t e t h i s t r a n s a c t i o n a r e s a t i s f i e d o r w a i v e d b y B u y e r a n d B u y e r n e v e r t h e l e s s f a i l s ,

8

t h r o u g h n o f a u l t o f S e l l e r , t o c l o s e t h e p u r c h a s e o f t h e P r o p e r t y , S e l l e r ' s s o l e r e m e d y

9

s h a l l b e t o r e t a i n t h e E a r n e s t M o n e y p a i d b y B u y e r . I n t h e e v e n t S e l l e r f a i l s , t h r o u g h

10

n o f a u l t o f B u y e r , t o c l o s e t h e s a l e o f t h e P r o p e r t y , B u y e r s h a l l b e e n t i t l e d t o p u r s u e

11

a n y r e m e d i e s a v a i l a b l e a t l a w o r i n e q u i t y , i n c l u d i n g w i t h o u t l i m i t a t i o n , t h e r e m e d y o f

12

s p e c i f i c p e r f o r m a n c e .

I n n o e v e n t s h a l l B u y e r b e e n t i t l e d t o p u n i t i v e o r c o n s e q u e n t i a l

13

d a m a g e s , i f a n y , r e s u l t i n g f r o m S e l l e r ’ s f a i l u r e t o c l o s e t h e s a l e o f t h e P r o p e r t y .

14

 

 

 

 

 

 

 

15

7 .

C l o s i n g o f S a l e .

B u y e r a n d S e l l e r a g r e e t h e s a l e o f t h e P r o p e r t y s h a l l b e

16

c l o s e d

o n o r b e f o r e

 

o r

 

 

d a y s a f t e r t h e E x e c u t i o n D a t e ( t h e " C l o s i n g D a t e " )

17i n t h e E s c r o w . T h e s a l e s h a l l b e d e e m e d " c l o s e d " w h e n t h e d o c u m e n t ( s ) c o n v e y i n g t i t l e t o

18t h e P r o p e r t y i s r e c o r d e d a n d t h e P u r c h a s e P r i c e ( i n c r e a s e d o r d e c r e a s e d , a s t h e c a s e m a y

19b e , b y t h e n e t a m o u n t o f c r e d i t s a n d d e b i t s t o S e l l e r ’ s a c c o u n t a t C l o s i n g m a d e b y t h e E s c r o w

20H o l d e r p u r s u a n t t o t h e t e r m s o f t h i s A g r e e m e n t ) i s d i s b u r s e d t o S e l l e r . A t C l o s i n g , B u y e r a n d

21

S e l l e r s h a l l d e p o s i t w i t h t h e T i t l e C o m p a n y a l l d o c u m e n t s a n d f u n d s r e q u i r e d t o c l o s e t h e

22

t r a n s a c t i o n i n a c c o r d a n c e w i t h t h e t e r m s o f t h i s A g r e e m e n t .

A t C l o s i n g , S e l l e r s h a l l

23

d e l i v e r a c e r t i f i c a t i o n i n a f o r m a p p r o v e d b y B u y e r t h a t S e l l e r i s n o t a " f o r e i g n p e r s o n "

24

a s s u c h t e r m i s d e f i n e d i n t h e I n t e r n a l R e v e n u e C o d e a n d t h e T r e a s u r y R e g u l a t i o n s

25

p r o m u l g a t e d u n d e r t h e I n t e r n a l R e v e n u e C o d e .

I f S e l l e r i s a f o r e i g n p e r s o n a n d t h i s

26

t r a n s a c t i o n i s n o t o t h e r w i s e e x e m p t f r o m F I R P T A r e g u l a t i o n s , t h e T i t l e C o m p a n y s h a l l b e

27

i n s t r u c t e d b y t h e p a r t i e s t o w i t h h o l d a n d p a y t h e a m o u n t r e q u i r e d b y l a w t o t h e I n t e r n a l

28R e v e n u e S e r v i c e . A t C l o s i n g , S e l l e r s h a l l c o n v e y f e e s i m p l e t i t l e t o t h e P r o p e r t y t o B u y e r b y

29

s t a t u t o r y w a r r a n t y d e e d o r

( t h e " D e e d " )

 

. I f t h i s A g r e e m e n t p r o v i d e s f o r t h e

30c o n v e y a n c e b y S e l l e r o f a v e n d e e ' s i n t e r e s t i n t h e P r o p e r t y b y a c o n t r a c t o f s a l e , S e l l e r s h a l l

31

d e p o s i t w i t h t h e T i t l e C o m p a n y ( o r o t h e r m u t u a l l y a c c e p t a b l e e s c r o w ) t h e e x e c u t e d a n d

32

a c k n o w l e d g e d D e e d , t o g e t h e r w i t h w r i t t e n i n s t r u c t i o n s t o d e l i v e r s u c h d e e d t o B u y e r u p o n

33

p a y m e n t i n f u l l o f t h e p u r c h a s e p r i c e . A t C l o s i n g , S e l l e r s h a l l p a y f o r

a n d d e l i v e r t o B u y e r a

34

s t a n d a r d A L T A f o r m o w n e r ' s p o l i c y o f t i t l e i n s u r a n c e ( t h e “ P o l i c y ” )

i n t h e a m o u n t o f t h e

35P u r c h a s e P r i c e i n s u r i n g f e e s i m p l e t i t l e t o t h e P r o p e r t y i n B u y e r s u b j e c t o n l y t o t h e P e r m i t t e d

36E x c e p t i o n s a n d t h e s t a n d a r d p r e p r i n t e d e x c e p t i o n s c o n t a i n e d i n t h e P o l i c y .

37

38 8 . C l o s i n g C o s t s ; P r o r a t e s . S e l l e r s h a l l p a y t h e p r e m i u m f o r t h e P o l i c y . S e l l e r 39 a n d B u y e r s h a l l e a c h p a y o n e - h a l f o f t h e e s c r o w f e e s c h a r g e d b y t h e T i t l e C o m p a n y , a n y

40e x c i s e t a x , a n d a n y t r a n s f e r t a x . R e a l p r o p e r t y t a x e s f o r t h e t a x y e a r i n w h i c h t h e t r a n s a c t i o n

41

i s c l o s e d , a s s e s s m e n t s ( i f a P e r m i t t e d E x c e p t i o n ) , p e r s o n a l p r o p e r t y t a x e s , r e n t s a n d o t h e r

42

L e s s e e c h a r g e s a r i s i n g f r o m e x i s t i n g T e n a n c i e s p a i d f o r t h e m o n t h o f C l o s i n g , i n t e r e s t o n

43

a s s u m e d o b l i g a t i o n s , a n d u t i l i t i e s s h a l l b e p r o r a t e d a s o f t h e C l o s i n g D a t e . P r e p a i d r e n t s ,

44

s e c u r i t y d e p o s i t s , a n d o t h e r u n e a r n e d r e f u n d a b l e d e p o s i t s r e g a r d i n g t h e T e n a n c i e s s h a l l

45

b e a s s i g n e d a n d d e l i v e r e d t o B u y e r a t C l o s i n g .

S e l l e r

B u y e r

N / A s h a l l b e

46

r e s p o n s i b l e f o r p a y m e n t o f a l l t a x e s , i n t e r e s t , a n d p e n a l t i e s , i f a n y , u p o n r e m o v a l o f t h e

47P r o p e r t y f r o m a n y s p e c i a l a s s e s s m e n t o r p r o g r a m .

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PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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9 .

 

P o s s e s s i o n .

B u y e r s h a l l b e e n t i t l e d t o e x c l u s i v e p o s s e s s i o n o f t h e

2

P r o p e r t y , s u b j e c t t o t h e T e n a n c i e s e x i s t i n g a s o f t h e C l o s i n g D a t e ,

o n t h e C l o s i n g D a t e o r

3

.

 

 

 

 

 

4

 

 

 

 

 

 

 

 

5

1 0 .

C o n d i t i o n o f P r o p e r t y . S e l l e r r e p r e s e n t s t h a t , t o t h e b e s t o f S e l l e r ' s k n o w l e d g e

6

w i t h o u t s p e c i f i c i n q u i r y , S e l l e r h a s r e c e i v e d n o w r i t t e n n o t i c e s o f v i o l a t i o n o f a n y l a w s , c o d e s ,

7

r u l e s , o r r e g u l a t i o n s a p p l i c a b l e t o t h e P r o p e r t y ( " L a w s " ) , a n d S e l l e r i s n o t a w a r e o f a n y s u c h

8

v i o l a t i o n s o r a n y c o n c e a l e d m a t e r i a l d e f e c t s i n t h e P r o p e r t y w h i c h c o s t m o r e t h a n $

 

t o

9r e p a i r o r c o r r e c t . R i s k o f l o s s o r d a m a g e t o t h e P r o p e r t y s h a l l b e S e l l e r ' s u n t i l C l o s i n g a n d

10 B u y e r ' s a t a n d a f t e r C l o s i n g . N o a g e n t o f B u y e r o r S e l l e r h a s m a d e a n y r e p r e s e n t a t i o n s

11r e g a r d i n g t h e P r o p e r t y . B U Y E R A N D S E L L E R A G R E E T H A T T H E R E A L E S T A T E L I C E N S E E S

12 N A M E D I N T H I S A G R E E M E N T H A V E M A D E N O R E P R E S E N T A T I O N S T O A N Y P A R T Y

13R E G A R D I N G T H E C O N D I T I O N O F T H E P R O P E R T Y , T H E O P E R A T I O N S O N O R I N C O M E

14

F R O M T H E P R O P E R T Y , T H E T E N A N C I E S , O R W H E T H E R T H E P R O P E R T Y O R T H E U S E

15

T H E R E O F C O M P L I E S W I T H L A W S . E x c e p t f o r S e l l e r ' s r e p r e s e n t a t i o n s s e t f o r t h i n t h i s

16s e c t i o n 1 0 , B u y e r s h a l l a c q u i r e t h e P r o p e r t y " a s i s " w i t h a l l f a u l t s a n d b u y e r s h a l l r e l y o n t h e

17

r e s u l t s o f i t s o w n i n s p e c t i o n a n d i n v e s t i g a t i o n i n B u y e r ' s a c q u i s i t i o n o f t h e P r o p e r t y . I t s h a l l

18b e a c o n d i t i o n o f B u y e r ’ s o b l i g a t i o n t o c l o s e , a n d o f S e l l e r ’ s r i g h t t o r e t a i n t h e E a r n e s t M o n e y

19 a s o f C l o s i n g , t h a t a l l o f t h e S e l l e r ’ s r e p r e s e n t a t i o n s a n d w a r r a n t i e s s t a t e d i n t h i s A g r e e m e n t

20a r e m a t e r i a l l y t r u e a n d c o r r e c t o n t h e C l o s i n g D a t e . S e l l e r ’ s r e p r e s e n t a t i o n s a n d w a r r a n t i e s

21s t a t e d i n t h i s A g r e e m e n t s h a l l s u r v i v e C l o s i n g f o r o n e ( 1 ) y e a r .

22

 

 

 

23

1 1 .

P e r s o n a l P r o p e r t y . T h i s s a l e i n c l u d e s t h e f o l l o w i n g p e r s o n a l p r o p e r t y :

24

 

o r

t h e p e r s o n a l p r o p e r t y l o c a t e d o n a n d u s e d i n c o n n e c t i o n w i t h t h e P r o p e r t y a n d

25o w n e d b y S e l l e r w h i c h S e l l e r s h a l l i t e m i z e i n a s c h e d u l e . S e l l e r s h a l l d e l i v e r t o B u y e r s u c h

26

s c h e d u l e w i t h i n

 

d a y s a f t e r t h e E x e c u t i o n D a t e . S e l l e r s h a l l c o n v e y a l l p e r s o n a l

27p r o p e r t y o w n e d b y S e l l e r o n o r i n t h e P r o p e r t y t o B u y e r b y e x e c u t i n g a n d d e l i v e r i n g t o B u y e r

28a t C l o s i n g t h r o u g h E s c r o w a B i l l o f S a l e s u b s t a n t i a l l y i n t h e f o r m o f E x h i b i t C a t t a c h e d h e r e t o

29a n d i n c o r p o r a t e d h e r e i n b y r e f e r e n c e ( t h e " B i l l o f S a l e " ) .

30

 

 

31

1 2 .

N o t i c e s . U n l e s s o t h e r w i s e s p e c i f i e d , a n y n o t i c e r e q u i r e d o r p e r m i t t e d i n ,

32

o r r e l a t e d t o , t h i s A g r e e m e n t m u s t b e i n w r i t i n g a n d s i g n e d b y t h e p a r t y t o b e b o u n d . A n y

33

n o t i c e w i l l b e d e e m e d d e l i v e r e d ( i ) w h e n p e r s o n a l l y d e l i v e r e d o r d e l i v e r e d b y f a c s i m i l e

34

t r a n s m i s s i o n ( w i t h e l e c t r o n i c c o n f i r m a t i o n o f d e l i v e r y ) , o r ( i i ) o n t h e d a y f o l l o w i n g d e l i v e r y

35

o f t h e n o t i c e b y r e p u t a b l e o v e r n i g h t c o u r i e r , o r ( i i i ) t h r e e ( 3 ) d a y s a f t e r m a i l i n g i n t h e U . S .

36m a i l s , p o s t a g e p r e p a i d , b y t h e a p p l i c a b l e p a r t y i n a l l e v e n t s , t o t h e a d d r e s s o f t h e o t h e r p a r t y

37 s h o w n i n t h i s A g r e e m e n t , u n l e s s t h a t d a y i s a S a t u r d a y , S u n d a y , o r l e g a l h o l i d a y , i n w h i c h

38e v e n t i t w i l l b e d e e m e d d e l i v e r e d o n t h e n e x t f o l l o w i n g b u s i n e s s d a y . I f t h e d e a d l i n e u n d e r

39 t h i s A g r e e m e n t f o r d e l i v e r y o f a n o t i c e o r p a y m e n t i s a S a t u r d a y , S u n d a y , o r l e g a l h o l i d a y ,

40s u c h l a s t d a y w i l l b e d e e m e d e x t e n d e d t o t h e n e x t f o l l o w i n g b u s i n e s s d a y .

41

42 1 3 . A s s i g n m e n t . B u y e r m a y n o t a s s i g n m a y a s s i g n m a y a s s i g n , o n l y i f 43 t h e a s s i g n e e i s a n e n t i t y o w n e d a n d c o n t r o l l e d b y B u y e r ( m a y n o t a s s i g n , i f n o b o x i s

44c h e c k e d ) t h i s A g r e e m e n t o r B u y e r ' s r i g h t s u n d e r t h i s A g r e e m e n t w i t h o u t S e l l e r ' s p r i o r w r i t t e n

45

c o n s e n t . I f S e l l e r ’ s c o n s e n t i s r e q u i r e d f o r a s s i g n m e n t , s u c h c o n s e n t m a y b e w i t h h e l d i n

46

S e l l e r ’ s r e a s o n a b l e d i s c r e t i o n .

47

 

 

48

1 4 .

A t t o r n e y s ' F e e s . I n t h e e v e n t a s u i t , a c t i o n , a r b i t r a t i o n , o r o t h e r p r o c e e d i n g o f

49a n y n a t u r e w h a t s o e v e r , i n c l u d i n g w i t h o u t l i m i t a t i o n a n y p r o c e e d i n g u n d e r t h e U . S . B a n k r u p t c y

50 C o d e , i s i n s t i t u t e d , o r t h e s e r v i c e s o f a n a t t o r n e y a r e r e t a i n e d , t o i n t e r p r e t o r e n f o r c e a n y

©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)

PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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p r o v i s i o n o f t h i s A g r e e m e n t o r w i t h r e s p e c t t o a n y d i s p u t e r e l a t i n g t o t h i s A g r e e m e n t , t h e

2

p r e v a i l i n g p a r t y s h a l l b e e n t i t l e d t o r e c o v e r f r o m t h e l o s i n g p a r t y i t s a t t o r n e y s ' , p a r a l e g a l s ' ,

3

a c c o u n t a n t s ' , a n d o t h e r e x p e r t s ' f e e s a n d a l l o t h e r f e e s , c o s t s , a n d e x p e n s e s a c t u a l l y

4

i n c u r r e d a n d r e a s o n a b l y n e c e s s a r y i n c o n n e c t i o n t h e r e w i t h ( t h e “ F e e s ” ) . I n t h e e v e n t o f s u i t ,

5

a c t i o n , a r b i t r a t i o n , o r o t h e r p r o c e e d i n g , t h e a m o u n t o f F e e s s h a l l b e d e t e r m i n e d b y t h e j u d g e

6

o r a r b i t r a t o r , s h a l l i n c l u d e a l l c o s t s a n d e x p e n s e s i n c u r r e d o n a n y a p p e a l o r r e v i e w , a n d s h a l l

7b e i n a d d i t i o n t o a l l o t h e r a m o u n t s p r o v i d e d b y l a w .

8

9 1 5 . S t a t u t o r y L a n d U s e D i s c l a i m e r a n d M e a s u r e 3 7 D i s c l o s u r e . T H E P R O P E R T Y

10D E S C R I B E D I N T H I S I N S T R U M E N T M A Y N O T B E W I T H I N A F I R E P R O T E C T I O N D I S T R I C T

11P R O T E C T I N G S T R U C T U R E S . T H E P R O P E R T Y I S S U B J E C T T O L A N D U S E L A W S A N D

12

R E G U L A T I O N S , W H I C H , I N F A R M A N D F O R E S T Z O N E S , M A Y N O T A U T H O R I Z E

13

C O N S T R U C T I O N O R S I T I N G O F A R E S I D E N C E A N D T H A T L I M I T L A W S U I T S A G A I N S T

14F A R M I N G O R F O R E S T P R A C T I C E S A S D E F I N E D I N O R S 3 0 . 9 3 0 I N A L L Z O N E S . B E F O R E

15S I G N I N G O R A C C E P T I N G T H I S I N S T R U M E N T , T H E P E R S O N T R A N S F E R R I N G F E E T I T L E

16S H O U L D I N Q U I R E A B O U T T H E P E R S O N ’ S R I G H T S , I F A N Y , U N D E R C H A P T E R 1 , O R E G O N

17 L A W S 2 0 0 5 ( B A L L O T M E A S U R E 3 7 ( 2 0 0 4 ) ) . B E F O R E S I G N I N G O R A C C E P T I N G T H I S

18I N S T R U M E N T , T H E P E R S O N A C Q U I R I N G F E E T I T L E T O T H E P R O P E R T Y S H O U L D C H E C K

19 W I T H T H E A P P R O P R I A T E C I T Y O R C O U N T Y P L A N N I N G D E P A R T M E N T T O V E R I F Y

20A P P R O V E D U S E S , T H E E X I S T E N C E O F F I R E P R O T E C T I O N F O R S T R U C T U R E S A N D T H E

21R I G H T S O F N E I G H B O R I N G P R O P E R T Y O W N E R S , I F A N Y , U N D E R C H A P T E R 1 , O R E G O N

22L A W S 2 0 0 5 ( B A L L O T M E A S U R E 3 7 ( 2 0 0 4 ) ) .

23

24 1 6 . C a u t i o n a r y N o t i c e A b o u t L i e n s . U N D E R C E R T A I N C I R C U M S T A N C E S , A

25P E R S O N W H O P E R F O R M S C O N S T R U C T I O N - R E L A T E D A C T I V I T I E S M A Y C L A I M A L I E N

26U P O N R E A L P R O P E R T Y A F T E R A S A L E T O T H E P U R C H A S E R F O R A T R A N S A C T I O N O R

27A C T I V I T Y T H A T O C C U R R E D B E F O R E T H E S A L E . A V A L I D C L A I M M A Y B E A S S E R T E D

28A G A I N S T T H E P R O P E R T Y T H A T Y O U A R E P U R C H A S I N G E V E N I F T H E C I R C U M S T A N C E S

29 T H A T G I V E R I S E T O T H A T C L A I M H A P P E N E D B E F O R E Y O U R P U R C H A S E O F T H E

30P R O P E R T Y . T H I S I N C L U D E S , B U T I S N O T L I M I T E D T O , C I R C U M S T A N C E S W H E R E T H E

31O W N E R O F T H E P R O P E R T Y C O N T R A C T E D W I T H A P E R S O N O R B U S I N E S S T O P R O V I D E

32L A B O R , M A T E R I A L , E Q U I P M E N T O R S E R V I C E S T O T H E P R O P E R T Y A N D H A S N O T P A I D

33T H E P E R S O N S O R B U S I N E S S I N F U L L .

34

 

 

35

1 7 .

M i s c e l l a n e o u s . T i m e i s o f t h e e s s e n c e o f t h i s A g r e e m e n t . T h e f a c s i m i l e

36t r a n s m i s s i o n o f a n y s i g n e d d o c u m e n t i n c l u d i n g t h i s A g r e e m e n t , i n a c c o r d a n c e w i t h P a r a g r a p h

37

1 2 , s h a l l b e t h e s a m e a s d e l i v e r y o f

a n o r i g i n a l . A t t h e r e q u e s t o f e i t h e r p a r t y , t h e p a r t y

38

d e l i v e r i n g a d o c u m e n t b y f a c s i m i l e

w i l l c o n f i r m f a c s i m i l e t r a n s m i s s i o n b y s i g n i n g a n d

39d e l i v e r i n g a d u p l i c a t e o r i g i n a l d o c u m e n t . T h i s A g r e e m e n t m a y b e e x e c u t e d i n t w o o r m o r e

40 c o u n t e r p a r t s , e a c h o f w h i c h s h a l l c o n s t i t u t e a n o r i g i n a l a n d a l l o f w h i c h t o g e t h e r s h a l l

41c o n s t i t u t e o n e a n d t h e s a m e A g r e e m e n t . T h i s A g r e e m e n t c o n t a i n s t h e e n t i r e a g r e e m e n t a n d

42 u n d e r s t a n d i n g o f t h e p a r t i e s w i t h r e s p e c t t o t h e s u b j e c t m a t t e r o f t h i s A g r e e m e n t a n d

43s u p e r s e d e s a l l p r i o r a n d c o n t e m p o r a n e o u s a g r e e m e n t s b e t w e e n t h e m w i t h r e s p e c t t h e r e t o .

44

W i t h o u t l i m i t i n g t h e p r o v i s i o n s o f S e c t i o n 1 3 o f t h i s A g r e e m e n t , t h i s A g r e e m e n t s h a l l b e

45

b i n d i n g u p o n a n d s h a l l i n u r e t o t h e b e n e f i t o f t h e p a r t i e s a n d t h e i r r e s p e c t i v e s u c c e s s o r s a n d

46a s s i g n s . T h e p e r s o n s i g n i n g t h i s A g r e e m e n t o n b e h a l f o f B u y e r a n d t h e p e r s o n s i g n i n g t h i s

47A g r e e m e n t o n b e h a l f o f S e l l e r e a c h r e p r e s e n t s , c o v e n a n t s a n d w a r r a n t s t h a t s u c h p e r s o n h a s

48 f u l l r i g h t a n d a u t h o r i t y t o e n t e r i n t o t h i s A g r e e m e n t a n d t o b i n d t h e p a r t y f o r w h o m s u c h

49p e r s o n s i g n s t h i s A g r e e m e n t t o t h e t e r m s a n d p r o v i s i o n s o f t h i s A g r e e m e n t . T h i s A g r e e m e n t

50s h a l l n o t b e r e c o r d e d u n l e s s t h e p a r t i e s o t h e r w i s e a g r e e .

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PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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1

 

 

 

 

 

 

 

 

2

1 8 .

A d d e n d u m s ; E x h i b i t s .

T h e f o l l o w i n g n a m e d a d d e n d u m s a n d e x h i b i t s a r e

3

a t t a c h e d t o t h i s A g r e e m e n t a n d i n c o r p o r a t e d w i t h i n t h i s A g r e e m e n t :

n o n e o r

.

 

4

 

 

 

 

 

 

 

 

5

1 9 .

T i m e f o r A c c e p t a n c e .

S e l l e r h a s u n t i l 5 : 0 0 p . m . P a c i f i c T i m e o n

 

 

t o

6

a c c e p t t h i s o f f e r . A c c e p t a n c e i s n o t e f f e c t i v e u n t i l a c o p y o f t h i s A g r e e m e n t w h i c h h a s b e e n

7

s i g n e d a n d d a t e d b y S e l l e r i s a c t u a l l y r e c e i v e d b y B u y e r . I f t h i s o f f e r i s n o t s o a c c e p t e d , i t

8

s h a l l e x p i r e a n d t h e E a r n e s t M o n e y s h a l l b e p r o m p t l y r e f u n d e d t o B u y e r a n d t h e r e a f t e r ,

9

n e i t h e r p a r t y s h a l l h a v e a n y f u r t h e r r i g h t o r r e m e d y a g a i n s t t h e o t h e r .

 

 

 

 

 

10

11 2 0 . S e l l e r ' s A c c e p t a n c e a n d B r o k e r a g e A g r e e m e n t . B y e x e c u t i o n o f t h i s

12A g r e e m e n t , S e l l e r a g r e e s t o s e l l t h e P r o p e r t y o n t h e t e r m s a n d c o n d i t i o n s i n t h i s A g r e e m e n t .

13

S e l l e r f u r t h e r a g r e e s t o p a y a c o m m i s s i o n t o

 

( “ B r o k e r ” ) i n t h e t o t a l a m o u n t c o m p u t e d i n

14

a c c o r d a n c e w i t h ( i ) t h e l i s t i n g a g r e e m e n t

o r o t h e r c o m m i s s i o n a g r e e m e n t d a t e d

 

15b e t w e e n S e l l e r a n d B r o k e r ; o r ( i i ) i f t h e r e i s n o w r i t t e n c o m m i s s i o n a g r e e m e n t , S e l l e r h e r e b y

16

a g r e e s t o p a y a c o m m i s s i o n o f

 

p e r c e n t (

 

%) o f t h e p u r c h a s e p r i c e o r

17$ . S e l l e r a n d B r o k e r a g r e e t h a t t h e c o m m i s s i o n i s d e e m e d e a r n e d a s o f t h e e a r l i e r o f

18 ( i ) C l o s i n g o r ( i i ) t h e d a t e B u y e r w a i v e s a l l c o n d i t i o n s p r e c e d e n t t o C l o s i n g a s s e t f o r t h i n t h i s

19A g r e e m e n t . U n l e s s o t h e r w i s e p r o v i d e d i n a s e p a r a t e w r i t t e n a g r e e m e n t , S e l l e r s h a l l c a u s e

20

t h e E s c r o w H o l d e r t o d e l i v e r t o B r o k e r t h e r e a l e s t a t e c o m m i s s i o n o n t h e C l o s i n g D a t e o r

21

u p o n S e l l e r ' s b r e a c h o f t h i s A g r e e m e n t , w h i c h e v e r o c c u r s f i r s t . I f t h e E a r n e s t

M o n e y i s

22

f o r f e i t e d a n d r e t a i n e d b y S e l l e r i n a c c o r d a n c e w i t h t h i s A g r e e m e n t , i n a d d i t i o n t o

a n y o t h e r

23

r i g h t s t h e B r o k e r m a y h a v e , t h e B r o k e r s h a l l b e e n t i t l e d t o t h e l e s s e r o f ( A ) f i f t y p e r c e n t

24( 5 0 %) o f t h e E a r n e s t M o n e y o r ( B ) t h e c o m m i s s i o n a g r e e d t o a b o v e , a n d S e l l e r h e r e b y a s s i g n s

25s u c h a m o u n t t o t h e B r o k e r .

26

27 2 1 . E x e c u t i o n D a t e . T h e E x e c u t i o n D a t e i s t h e l a t e r o f t h e t w o d a t e s s h o w n

28b e n e a t h t h e p a r t i e s ' s i g n a t u r e s b e l o w .

29

30 2 2 . G o v e r n i n g L a w . T h i s A g r e e m e n t i s m a d e a n d e x e c u t e d u n d e r , a n d i n a l l

31r e s p e c t s s h a l l b e g o v e r n e d a n d c o n s t r u e d b y t h e l a w s o f t h e S t a t e o f O r e g o n .

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PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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1C O N S U L T Y O U R A T T O R N E Y . T H I S D O C U M E N T H A S B E E N P R E P A R E D F O R S U B M I S S I O N

2 T O Y O U R A T T O R N E Y F O R R E V I E W A N D A P P R O V A L P R I O R T O S I G N I N G . N O

3R E P R E S E N T A T I O N O R R E C O M M E N D A T I O N I S M A D E B Y T H E C O M M E R C I A L A S S O C I A T I O N

4

O F R E A L T O R S ® O R E G O N / S W W A S H I N G T O N O R B Y T H E R E A L E S T A T E L I C E N S E E S

5

I N V O L V E D W I T H T H I S D O C U M E N T A S T O T H E L E G A L S U F F I C I E N C Y O R T A X

6C O N S E Q U E N C E S O F T H I S D O C U M E N T .

7

8T H I S F O R M S H O U L D N O T B E M O D I F I E D W I T H O U T S H O W I N G S U C H M O D I F I C A T I O N S B Y

9 R E D L I N I N G , I N S E R T I O N M A R K S , O R A D D E N D A .

10

 

 

 

 

 

 

 

 

 

 

11

B u y e r

 

 

S e l l e r

 

 

12

B y

 

 

B y

 

 

13

T i t l e

 

 

T i t l e

 

 

14

E x e c u t i o n D a t e

 

 

E x e c u t i o n D a t e

 

 

15

T i m e o f E x e c u t i o n

 

 

T i m e o f E x e c u t i o n

 

 

16

H o m e P h o n e

 

 

H o m e P h o n e

 

 

17

O f f i c e P h o n e

 

 

O f f i c e P h o n e

 

 

18

A d d r e s s

 

 

A d d r e s s

 

 

19

C i t y

 

 

C i t y

 

 

20

Z i p

 

 

Z i p

 

 

21

F a x N o .

 

 

F a x N o .

 

 

22

E - M a i l

E - M a i l

23

 

 

 

 

 

 

 

 

 

 

24

S i g n a t u r e _________________________

S i g n a t u r e _________________________

E X H I B I T A

L E G A L D E S C R I P T I O N O F P R O P E R T Y

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PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

8 of 13

 

 

 

 

 

 

 

 

 

 

 

 

E X H I B I T B

 

 

 

 

 

 

R E C O R D I N G R E Q U E S T E D B Y

 

 

 

A N D

 

 

 

 

 

 

 

 

W H E N R E C O R D E D M A I L T O :

 

 

 

 

 

 

 

 

 

 

 

 

 

C o m p a n y :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A d d r e s s :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C i t y , S t a t e , Z i p

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A S S I G N M E N T O F L E S S O R ' S I N T E R E S T U N D E R L E A S E

 

 

 

T H I S A S S I G N M E N T O F L E S S O R ' S I N T E R E S T U N D E R L E A S E ( t h i s " A s s i g n m e n t " ) i s

m a d e a n d e n t e r e d i n t o a s o f t h i s

 

 

 

d a y o f

 

,

 

, b y a n d b e t w e e n

 

, a

 

( " A s s i g n o r " ) , a n d

 

 

 

, a

 

( " A s s i g n e e " ) .

 

 

 

 

 

 

R E C I T A L S

T h i s A s s i g n m e n t i s e n t e r e d i n t o o n t h e b a s i s o f a n d w i t h r e s p e c t t o t h e f o l l o w i n g f a c t s , a g r e e m e n t s a n d u n d e r s t a n d i n g s :

A . O n , , A s s i g n o r , a s L e s s o r , a n d ,a s L e s s e e , e n t e r e d i n t o

a c e r t a i n L e a s e , p u r s u a n t t o w h i c h s a i d L e s s o r d e m i s e d t o s a i d L e s s e e c e r t a i n r e a l p r o p e r t y

i n t h e C i t y o f, C o u n t y o f, S t a t e o f, m o r e p a r t i c u l a r l y d e s c r i b e d o n

E x h i b i t A , a t t a c h e d h e r e t o a n d m a d e

p a r t h e r e o f b y t h i s r e f e r e n c e ( t h e " P r o p e r t y " ) . S a i d

L e a s e i s h e r e i n a f t e r r e f e r r e d t o a s t h e

" L e a s e . "

B . B y a n i n s t r u m e n t d a t e d o f e v e n d a t e h e r e w i t h a n d r e c o r d e d i m m e d i a t e l y p r i o r t o t h i s i n s t r u m e n t , A s s i g n o r h a s s o l d a n d c o n v e y e d i t s f e e i n t e r e s t i n a n d t o t h e P r o p e r t y t o A s s i g n e e a n d , i n c o n j u n c t i o n t h e r e w i t h , A s s i g n o r h a s a g r e e d t o a s s i g n i t s i n t e r e s t a s L e s s o r u n d e r t h e L e a s e t o A s s i g n e e a n d A s s i g n e e h a s a g r e e d t o a s s u m e t h e o b l i g a t i o n s o f t h e L e s s o r u n d e r t h e L e a s e , a l l a s m o r e p a r t i c u l a r l y s e t f o r t h i n t h i s A s s i g n m e n t .

N O W , T H E R E F O R E , f o r g o o d a n d v a l u a b l e c o n s i d e r a t i o n , i n c l u d i n g t h e m u t u a l c o v e n a n t s a n d a g r e e m e n t s s e t f o r t h h e r e i n , A s s i g n o r a n d A s s i g n e e a g r e e a s f o l l o w s :

1 . A s s i g n m e n t .

A s s i g n o r h e r e b y s e l l s , a s s i g n s , g r a n t s , t r a n s f e r s a n d s e t s o v e r t o A s s i g n e e , i t s h e i r s , p e r s o n a l r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s , a l l o f A s s i g n o r ' s r i g h t , t i t l e a n d i n t e r e s t a s L e s s o r u n d e r t h e L e a s e .

2 . A c c e p t a n c e o f A s s i g n m e n t a n d A s s u m p t i o n o f O b l i g a t i o n s .

A s s i g n e e h e r e b y a c c e p t s t h e a s s i g n m e n t o f t h e L e s s o r ' s i n t e r e s t u n d e r t h e L e a s e a n d , f o r t h e b e n e f i t o f A s s i g n o r , a s s u m e s a n d a g r e e s f a i t h f u l l y t o p e r f o r m a l l o f t h e o b l i g a t i o n s w h i c h a r e r e q u i r e d t o b e p e r f o r m e d b y t h e L e s s o r u n d e r t h e L e a s e .

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PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

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3 .

E f f e c t i v e D a t e .

 

T h e e f f e c t i v e d a t e o f t h i s A s s i g n m e n t a n d e a c h a n d e v e r y p r o v i s i o n h e r e o f i s a n d s h a l l

b e

 

( t h e " E f f e c t i v e D a t e " ) .

4 .

A s s i g n o r ' s I n d e m n i t y o f A s s i g n e e .

A s s i g n o r h e r e b y a g r e e s t o d e f e n d ( w i t h c o u n s e l r e a s o n a b l y s a t i s f a c t o r y t o A s s i g n e e ) a n d i n d e m n i f y A s s i g n e e , i t s h e i r s , p e r s o n a l r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s , a n d e a c h o f t h e m , f r o m a n d a g a i n s t a n y a n d a l l c l a i m s , s u i t s , d e m a n d s , c a u s e s o f a c t i o n , a c t i o n s , l i a b i l i t i e s , l o s s e s , d a m a g e s , c o s t s a n d e x p e n s e s ( i n c l u d i n g a t t o r n e y s ' f e e s ) a r i s i n g o u t o f o r r e s u l t i n g f r o m a n y a c t o r o m i s s i o n c o m m i t t e d o r a l l e g e d t o h a v e b e e n c o m m i t t e d b y A s s i g n o r a s L e s s o r u n d e r t h e L e a s e , i n c l u d i n g w i t h o u t l i m i t a t i o n a n y b r e a c h o r d e f a u l t c o m m i t t e d o r a l l e g e d t o h a v e b e e n c o m m i t t e d b y t h e L e s s o r u n d e r t h e L e a s e , p r i o r t o t h e d a t e o f t h i s A s s i g n m e n t .

5 . A s s i g n e e ' s I n d e m n i t y o f A s s i g n o r .

A s s i g n e e , f o r i t s e l f a n d o n b e h a l f o f i t s h e i r s , p e r s o n a l r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s , h e r e b y a g r e e s t o d e f e n d ( w i t h c o u n s e l r e a s o n a b l y s a t i s f a c t o r y t o A s s i g n o r ) a n d i n d e m n i f y A s s i g n o r , i t s p a r t n e r s , a n d t h e i r r e s p e c t i v e d i r e c t o r s , o f f i c e r s , e m p l o y e e s , a g e n t s , r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s , a n d e a c h o f t h e m , f r o m a n d a g a i n s t a n y a n d a l l c l a i m s , s u i t s , d e m a n d s , c a u s e s o f a c t i o n , a c t i o n s , l i a b i l i t i e s , l o s s e s , d a m a g e s , c o s t s a n d e x p e n s e s ( i n c l u d i n g a t t o r n e y s ' f e e s ) a r i s i n g o u t o f o r r e s u l t i n g f r o m a n y a c t o r o m i s s i o n c o m m i t t e d o r a l l e g e d t o h a v e b e e n c o m m i t t e d b y A s s i g n e e , i t s h e i r s , p e r s o n a l r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s , a s L e s s o r u n d e r t h e L e a s e , i n c l u d i n g w i t h o u t l i m i t a t i o n a n y b r e a c h o r d e f a u l t c o m m i t t e d o r a l l e g e d t o h a v e b e e n c o m m i t t e d b y t h e L e s s o r u n d e r t h e L e a s e , o n o r a f t e r t h e d a t e o f t h i s A s s i g n m e n t .

6 . S u c c e s s o r s a n d A s s i g n s .

T h i s A s s i g n m e n t , a n d e a c h a n d e v e r y p r o v i s i o n h e r e o f , s h a l l b i n d a n d i n u r e t o t h e b e n e f i t o f t h e p a r t i e s h e r e t o a n d t h e i r r e s p e c t i v e h e i r s , p e r s o n a l r e p r e s e n t a t i v e s , s u c c e s s o r s a n d a s s i g n s .

7 . G o v e r n i n g L a w .

T h i s A s s i g n m e n t s h a l l b e c o n s t r u e d a n d i n t e r p r e t e d a n d t h e r i g h t s a n d o b l i g a t i o n s o f t h e p a r t i e s h e r e t o d e t e r m i n e d i n a c c o r d a n c e w i t h t h e l a w s o f t h e S t a t e w h e r e i n t h e P r o p e r t y i s l o c a t e d .

8 . H e a d i n g s a n d C a p t i o n s .

T h e h e a d i n g s a n d c a p t i o n s o f t h e p a r a g r a p h s o f t h i s A s s i g n m e n t a r e f o r c o n v e n i e n c e a n d r e f e r e n c e o n l y a n d i n n o w a y d e f i n e , d e s c r i b e o r l i m i t t h e s c o p e o r i n t e n t o f t h i s A s s i g n m e n t o r a n y o f t h e p r o v i s i o n s h e r e o f .

©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)

PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)

ALL RIGHTS RESERVED

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Form Information

Fact Name Description
Governing Law The Money Agreement Oregon form is governed by Oregon Administrative Rules (OAR 863-015-0215).
Purpose This form serves as a Purchase and Sale Agreement and Receipt for Earnest Money in real estate transactions.
Agency Acknowledgment Both buyers and sellers must execute an agency acknowledgment, confirming their understanding of the agency relationship.
Earnest Money Requirement Upon execution of the agreement, buyers are required to deliver earnest money to the escrow holder.
Inspection Conditions Buyer's obligation to purchase is contingent upon satisfactory results from property inspections.
Closing Date The sale must be closed on or before a specified date after the execution of the agreement.

Detailed Guide for Filling Out Money Agreement Oregon

Completing the Money Agreement Oregon form is an important step in the real estate transaction process. After filling out the form, it will need to be signed by both the buyer and seller. This agreement ensures that all parties are aware of their obligations regarding earnest money and the agency relationship involved in the transaction. It is essential to carefully follow the steps outlined below to ensure accuracy and compliance with the requirements.

  1. Begin by entering the date at the top of the form.
  2. Identify the seller by writing their name and address in the designated fields.
  3. Next, provide the buyer's name and address in the corresponding sections.
  4. In the section detailing the property, include the common name and address of the property being purchased.
  5. If applicable, check the box indicating any leases associated with the property.
  6. Fill in the total purchase price of the property, specifying the amount in dollars.
  7. Indicate the earnest money deposit amount and the method of payment (cash, check, or promissory note).
  8. Specify the escrow holder's name and address, where the earnest money will be deposited.
  9. Complete the agency acknowledgment section by indicating the names of the agents involved and their respective firms.
  10. Both the buyer and seller must print their names and sign the form, including the date of signing.

Once the form is completed and signed, it will be submitted to the relevant parties involved in the transaction. This includes the escrow holder and the real estate agents. They will ensure that the earnest money is handled according to the terms outlined in the agreement, and further steps in the transaction can proceed smoothly.

Obtain Answers on Money Agreement Oregon

  1. What is the Money Agreement Oregon form?

    The Money Agreement Oregon form is a legal document used in real estate transactions in Oregon. It serves as a receipt for earnest money, which is a deposit made by the buyer to demonstrate their commitment to purchasing a property. This form is essential in formalizing the agreement between the buyer and seller and ensures that both parties understand the terms surrounding the earnest money deposit.

  2. Who needs to sign the Money Agreement Oregon form?

    Both the buyer and seller must sign the Money Agreement Oregon form. The buyer signs the form to acknowledge the payment of earnest money, while the seller signs to confirm receipt of that money. This mutual acknowledgment helps protect both parties and clarifies their intentions regarding the sale.

  3. What happens if the seller does not accept the purchase agreement?

    If the seller decides not to accept the purchase agreement after signing the Money Agreement Oregon form, the earnest money should be returned to the buyer. The form specifies that the seller's execution of the agreement does not constitute acceptance of the purchase terms, which provides a layer of protection for the buyer.

  4. What is the purpose of earnest money?

    Earnest money acts as a good faith deposit from the buyer to show their serious intent to purchase the property. It helps to demonstrate the buyer's commitment and can also provide the seller with some assurance that the buyer is not merely making an offer without genuine interest. If the transaction proceeds to closing, the earnest money is typically applied toward the purchase price.

  5. Are there any conditions for the return of earnest money?

    Yes, there are specific conditions under which earnest money may be returned to the buyer. If the buyer's obligations to purchase the property are not met due to conditions outlined in the agreement, such as failing to secure financing or satisfactory inspection results, the earnest money should be returned. The form outlines these conditions to ensure clarity for both parties.

  6. How is the earnest money deposited?

    The earnest money must be delivered to an escrow holder, which is usually a title company or a real estate broker. The form specifies that if the earnest money is in the form of a check, it must be deposited no later than 5 PM Pacific Time within three days after the agreement is executed. This prompt action helps to maintain the integrity of the transaction.

  7. Can the Money Agreement Oregon form be modified?

    While the form itself is standardized, certain details can be modified to fit the specific transaction. However, any changes must be agreed upon by both the buyer and seller and documented properly. It's crucial to ensure that any modifications do not conflict with the legal requirements outlined in the form or Oregon law.

Common mistakes

When filling out the Money Agreement Oregon form, individuals often make several common mistakes that can lead to confusion or complications later on. One frequent error is failing to provide complete and accurate information. Missing details, such as the buyer's or seller's full legal names and addresses, can create issues in identifying the parties involved in the agreement.

Another mistake is neglecting to sign and date the form appropriately. Both buyers and sellers must ensure that their signatures are present and that the dates reflect when they executed the agreement. Omitting a signature can render the agreement invalid, while incorrect dates may lead to misunderstandings about the timeline of the transaction.

People sometimes overlook the importance of the earnest money deposit. It's crucial to specify the amount of earnest money being offered and to indicate how it will be delivered to the escrow holder. Failing to do so can result in delays or disputes regarding the deposit.

Additionally, many individuals do not check the boxes that indicate the agency relationship clearly. This can lead to confusion about who represents whom in the transaction. Buyers and sellers should take care to select the correct options regarding agency representation to ensure transparency and avoid conflicts of interest.

Another common oversight involves the property description. Buyers and sellers must provide a precise legal description of the property being purchased. Relying on vague descriptions can lead to disputes over what is actually included in the sale, potentially causing legal issues down the line.

It is also essential to be mindful of the conditions to purchase. If there are specific contingencies or conditions that need to be met before the sale can proceed, these should be clearly stated. Failing to articulate these conditions can lead to misunderstandings about the obligations of each party.

Furthermore, some individuals forget to attach necessary documents or exhibits that support the agreement. If there are any additional agreements, disclosures, or legal descriptions required, these should be included with the form to avoid complications.

Lastly, people often do not seek legal advice before submitting the form. While it may seem straightforward, consulting with a real estate attorney can provide valuable insights and help avoid common pitfalls. Understanding the implications of the agreement is crucial for both buyers and sellers to protect their interests.

Documents used along the form

The Money Agreement Oregon form is a crucial document in real estate transactions, particularly in the context of buying and selling properties in Oregon. Alongside this form, several other documents are often utilized to ensure a smooth and legally sound process. Below is a brief overview of four important forms that frequently accompany the Money Agreement.

  • Agency Acknowledgment: This document confirms the agency relationship between the buyer, seller, and their respective real estate agents. It outlines the duties and responsibilities of the agents involved in the transaction, ensuring that all parties are aware of their rights and obligations.
  • Purchase and Sale Agreement: This is the foundational contract that details the terms of the property sale. It includes information such as the purchase price, property description, and any contingencies that must be met before the sale can be finalized. This agreement is essential for protecting the interests of both the buyer and seller.
  • Preliminary Title Report: This document provides a summary of the property's title history, revealing any liens, easements, or other encumbrances that may affect ownership. Buyers rely on this report to ensure they are acquiring clear title to the property, free of unexpected claims.
  • Bill of Sale: When personal property is included in the sale (such as appliances or fixtures), a Bill of Sale is used to formally transfer ownership of these items from the seller to the buyer. This document ensures clarity regarding what is included in the sale and helps prevent disputes later on.

Utilizing these forms in conjunction with the Money Agreement Oregon form fosters transparency and trust between all parties involved. Each document plays a vital role in safeguarding the interests of buyers and sellers alike, ultimately contributing to a successful real estate transaction.

Similar forms

  • Purchase Agreement: This document outlines the terms and conditions of a real estate transaction, similar to the Money Agreement Oregon form. Both documents require signatures from the buyer and seller to confirm their agreement on the purchase price and other essential details.
  • Earnest Money Receipt: Like the Money Agreement Oregon form, this receipt confirms the buyer's deposit of earnest money, indicating their serious intent to purchase the property. Both documents serve as proof of the transaction's initiation.
  • Sales Contract: This document specifies the obligations of both parties involved in a real estate transaction. It parallels the Money Agreement Oregon form in that it details the rights and responsibilities of the buyer and seller.
  • Agency Disclosure Form: This form informs the parties about the agency relationship in a real estate transaction. It is similar to the Money Agreement Oregon form, which also includes an acknowledgment of agency relationships between buyers and sellers.
  • Closing Statement: This document summarizes the financial details of the transaction at closing. It shares similarities with the Money Agreement Oregon form by detailing the final amounts due from both parties, including any deposits made.
  • Title Insurance Policy: This policy protects against potential disputes over property ownership. It is akin to the Money Agreement Oregon form in that it addresses the transfer of ownership and the conditions under which the property is sold.
  • Inspection Contingency Agreement: This agreement outlines the conditions under which a buyer can conduct inspections on the property. It is similar to the Money Agreement Oregon form in that both documents protect the buyer's interests during the purchase process.
  • Lease Agreement: This document governs the terms under which a property can be rented. It is similar to the Money Agreement Oregon form in that it establishes the rights and obligations of the parties involved, particularly regarding the use and maintenance of the property.

Dos and Don'ts

When filling out the Money Agreement Oregon form, it's essential to approach the process with care. Here are ten important tips to consider:

  • Do read the entire form thoroughly before starting.
  • Do ensure that all names and addresses are spelled correctly.
  • Do provide accurate dates for the agreement and signatures.
  • Do consult with a real estate professional if you're unsure about any terms.
  • Do keep a copy of the completed form for your records.
  • Don't rush through the form; take your time to avoid mistakes.
  • Don't leave any required fields blank.
  • Don't use abbreviations or shorthand that may cause confusion.
  • Don't sign the form until you fully understand all its terms.
  • Don't forget to check for any additional documents that may need to be attached.

Misconceptions

  • Misconception 1: The Money Agreement Oregon form is only for residential transactions.

    • This form is actually designed for commercial transactions as well. It's important to understand that it applies to a variety of real estate dealings, not just residential sales.

  • Misconception 2: Signing the form means the buyer is automatically committed to the purchase.

    • Signing the Money Agreement does not mean the buyer is locked into the purchase. There are still conditions and contingencies that must be met before the sale is finalized.

  • Misconception 3: Earnest money is non-refundable.

    • Earnest money can be returned to the buyer under certain conditions, such as if the sale doesn't go through due to issues not caused by the buyer.

  • Misconception 4: The seller has no obligations after signing the form.

    • Sellers have specific responsibilities outlined in the agreement, including providing necessary documents and disclosures to the buyer.

  • Misconception 5: The form does not require the seller to disclose property conditions.

    • Sellers must disclose any known issues with the property. This helps protect the buyer and ensures transparency in the transaction.

  • Misconception 6: The Money Agreement is a legally binding contract from the moment it’s signed.

    • While it is an important document, it may not be fully binding until all conditions are met and the sale is officially closed.

  • Misconception 7: Buyers can ignore the terms of the agreement.

    • All parties involved must adhere to the terms laid out in the agreement. Ignoring these terms can lead to legal consequences.

Key takeaways

  • Complete the Form Accurately: Ensure all information is filled out correctly, including names, addresses, and property details.
  • Understand Agency Relationships: Both buyers and sellers must acknowledge their agency relationships with real estate agents involved in the transaction.
  • Deposit Earnest Money: The buyer is required to deliver earnest money to the escrow holder upon executing the agreement.
  • Conditions for Purchase: The buyer's obligation to purchase the property may be contingent on certain conditions, such as property inspections.
  • Inspection Rights: Buyers have the right to inspect the property and must notify the seller of any issues discovered during the inspection.
  • Title Insurance: Sellers must provide a preliminary title report to the buyer, showing the status of the seller's title to the property.
  • Closing Process: The closing date is defined in the agreement, and all parties must prepare the necessary documents for the transaction.
  • Possession of Property: Buyers are entitled to exclusive possession of the property on the closing date, subject to existing tenants.
  • Legal Notices: Any required notices must be in writing and delivered according to the specified methods outlined in the agreement.