The Money Agreement Oregon form, officially known as the "COMMERCIAL ASSOCIATION OF REALTORS® OREGON/SW WASHINGTON PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (Oregon Commercial Form)," is a critical document for real estate transactions within the state. It outlines the terms and conditions under which real estate purchases and sales are conducted, including but not limited to, the receipt of earnest money, property descriptions, purchase price, and the obligations of both buyers and sellers. This form plays a pivotal role in ensuring both parties are clear on the agreement's specifics, thus safeguarding their interests in the transaction.
In navigating the complexities of real estate transactions in Oregon, the Money Agreement Oregon form plays a pivotal role in ensuring a smooth process between buyers and sellers. Crafted by the Commercial Association of Realtors® Oregon/SW Washington, this comprehensive document outlines the terms and conditions of a real estate purchase, including the acknowledgment of agency relationships and the detailed procedures for the exchange of earnest money. Both parties are required to acknowledge receipt of the Oregon Real Estate Agency Disclosure Pamphlet, establishing a clear understanding of their respective agency relationships. Furthermore, the agreement addresses the assignment of leases, purchase price, earnest money procedures, closing conditions, property inspection requirements, seller document provision, title insurance protocols, default remedies, and the specifics of closing the sale. Additionally, it delves into subjects such as the handling of personal property, notification processes, the possibility of assignment, and the resolution of disputes, including attorneys' fees. This document not only provides a legal foundation for the transaction but also facilitates a level of transparency and accountability between the involved parties, reinforcing the importance of a well-documented agreement in Oregon's real estate sector.
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 )
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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 )
L i m i t e d A g e n c y ” ) .
( 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 ) :
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 : ___
( s i g n ) _________________________ D a t e : ____
S e l l e r :
( s i g n )
_________________________
D a t e : ____
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
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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 :
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B E T W E E N :
( " S e l l e r " )
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A d d r e s s :
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A N D :
( " B u y e r " )
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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
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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
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, 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
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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
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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
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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
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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 ” .
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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
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“ 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 :
.
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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 .
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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
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
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
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 ,
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
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
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
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 .
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
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
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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
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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
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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 '
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
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 .
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
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
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
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
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
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 .
3 of 13
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
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
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
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
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 ,
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
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
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
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
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
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 .
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
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
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
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 "
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
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
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
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
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
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
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
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
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 .
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
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
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
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 .
4 of 13
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
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
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
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 ,
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
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
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
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
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 .
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 :
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
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
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 ,
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
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
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
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 .
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
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
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
5 of 13
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
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 ' ,
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
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 ,
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
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 .
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
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
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 ) ) .
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 .
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
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 .
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
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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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
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 :
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
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
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
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 ,
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 .
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 .
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
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
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
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
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
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 .
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 .
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 .
7 of 13
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
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
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 .
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 .
B y
T i t l e
E x e c u t i o n D a t e
T i m e o f E x e c u t i o n
H o m e P h o n e
O f f i c e P h o n e
A d d r e s s
C i t y
Z i p
F a x N o .
E - M a i l
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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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 :
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 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 .
9 of 13
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 " ) .
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 .
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After meticulously reviewing the Money Agreement Oregon form, you are about to undertake filling it out. This process requires attention to detail to accurately represent the terms agreed upon between the buyer and seller. Keep in mind that understanding each section fully before attempting to complete it is crucial. Following these steps will help ensure a complete and correctly filled form, ready for all parties to sign and initiate the applicable financial transactions confidently.
By following these steps meticulously, you will properly fill out the Money Agreement Oregon form, setting a clear path toward finalizing the purchase and sale of the property in question. Ensure all involved parties keep a copy of the filled and signed document for their records.
The Money Agreement Oregon form is used to outline the terms and conditions of a purchase and sale transaction for real estate properties in Oregon. It includes agreements on purchase price, earnest money receipt, property inspections, title insurance, and closing details.
Both the buyer and the seller are required to sign the Agency Acknowledgment section. This must be done at the time the agreement is executed by the buyer and upon receipt by the seller, even if the seller plans to reject the agreement or make a counteroffer.
If the Earnest Money Deposit is not placed in escrow as outlined in the agreement, the seller has the right to terminate the agreement and all further rights and obligations under it by providing written notice to the buyer.
The buyer's obligation to purchase the property is conditional upon their approval of various factors including the results of the property inspection, document review, and any other conditions specifically listed in the agreement. If these conditions are not waived or satisfied to the buyer's discretion, the buyer may terminate the agreement, and the Earnest Money will be returned.
The buyer is allowed, at their expense and risk, to conduct any inspections, tests, and surveys related to the structural condition, mechanical systems, environmental hazards, and compliance with laws among other relevant aspects concerning the property's suitability for the buyer's intended use.
Closing costs and prorates are divided between the buyer and seller. The seller pays for the title insurance policy premium, and both parties share the escrow fees, excise tax, and transfer tax equally. Real property taxes, assessments, personal property taxes, rents, and other charges arising from existing tenancies for the closing month, as well as interest on assumed obligations and utilities, will be prorated as of the Closing Date.
The term "as is" indicates that the buyer agrees to purchase the property in its current state, including all faults. They rely on their own inspections and investigations into the property's condition without any guarantees from the seller beyond those expressly stated in the agreement.
The ability for the buyer to assign the agreement to another party depends on the specific terms of the agreement. Assignment may be allowed without the seller's consent, may require the seller's consent, or may not be permitted at all. If seller's consent is required, it can be withheld at the seller's reasonable discretion.
In the event of a dispute, lawsuit, arbitration, or other legal action arising from the agreement, the involved parties may be responsible for their own attorney fees and costs, unless stated otherwise in the agreement. This aims to resolve disputes effectively and ensure compliance with the agreed terms.
Risk of loss or damage to the property remains with the seller until the closing. If the property is damaged before closing, it could affect the agreement depending on the extent of the damage and the terms specified regarding risk of loss. The buyer and seller may need to negotiate how to handle such situations, which could involve repairs, price adjustments, or potentially terminating the agreement.
Not thoroughly reviewing and understanding agency acknowledgment: Buyers and sellers might overlook the importance of the agency acknowledgment section, which clarifies the relationship between the real estate agents and the parties involved. It's crucial to understand whether the agent represents the buyer exclusively, the seller exclusively, or both in a limited agency capacity. Misunderstanding this section can lead to confusion about the agent's role and obligations.
Failing to include a legal description of the property: Some parties might not attach a legal description of the property or may wait to do so until receiving the preliminary commitment or survey. This omission can lead to disputes about what real estate is actually being transferred. It's essential to attach a legal description from the outset to clearly define the property involved in the transaction.
Incorrect or incomplete filling of earnest money details: A common mistake is incorrectly filling in the earnest money section, such as not specifying the amount correctly, failing to state the form of the earnest money (cash, check, promissory note), or not understanding the terms under which the earnest money can be returned or forfeited. Accurate details ensure both parties understand the commitment being made.
Overlooking conditions to purchase: Buyers may neglect to specify conditions upon which their obligation to purchase depends, such as approval of inspection results, document reviews, or other due diligence findings. Not clearly stating these conditions can leave the buyer without recourse if something undesirable is discovered about the property.
Not specifying proration agreements clearly: Often, parties to the transaction fail to clearly outline how taxes, assessments, rents, and other prorated items will be handled. This vagueness can lead to disagreement and confusion at closing about which party owes what. Clearly agreed-upon prorations ensure a smoother closing process.
Underestimating the significance of the closing and possession dates: Parties sometimes do not give adequate attention to specifying the closing date and terms of possession. Misunderstandings about when the buyer will take possession of the property or when the sale will officially close can result in logistical and legal complications. Precise dates and terms help avoid such issues.
Attention to detail when completing the Money Agreement Oregon form is imperative for a successful real estate transaction. Parties should review all sections carefully, ensure all information is accurate and complete, and understand the implications of each section to avoid common pitfalls.
When entering into a real estate transaction such as outlined in the Money Agreement Oregon form, additional documentation is vital to ensure a comprehensive, legally sound process. These forms and documents support, clarify, and enforce the terms and obligations set forth in the primary agreement, safeguarding the interests of all parties involved. Whether a party is buying, selling, or investing in property, understanding these supporting documents is essential.
Incorporating these documents into the transaction process not only enhances the integrity and efficiency of a property sale but also helps to ensure legal compliance and protect the investments of all parties involved. The role of each form within the broader context of a real estate transaction underscores the importance of thorough and informed preparation, showcasing the interconnected nature of property law and real estate practices.
The Money Agreement Oregon form shares similarities with a Residential Purchase Agreement, often used in the purchase of residential properties. This document outlines the terms and conditions under which a residential property is bought or sold. Like the Money Agreement Oregon form, it typically includes details on the purchase price, earnest money deposit, contingencies, closing details, and the rights and responsibilities of both parties. The key connection lies in their structured approach to detailing the transaction process for property acquisition.
An Earnest Money Receipt is another document bearing resemblance to the Money Agreement Oregon form. This receipt serves as proof of the earnest money deposit provided by the buyer to the seller as a sign of good faith in proceeding with the property purchase. The Money Agreement Oregon form also includes an earnest money clause, specifying the amount and terms under which the earnest money is held, similar to the standalone Earnest Money Receipt which focuses solely on this aspect of the transaction.
The Property Inspection Form, although more specific in focus, parallels the Money Agreement Oregon form through its inclusion of inspection clauses. These clauses allow the buyer the right to inspect the property within a certain timeframe, determining if it meets their expectations and standards. This is vital to both documents as it affects the buyer's decision to move forward with the purchase and can lead to negotiations or the termination of the agreement based on the inspection results.
A Title Insurance Commitment, while distinct in purpose, shares a fundamental similarity with the Money Agreement Oregon form by addressing title insurance matters. In property transactions, it is crucial to ensure that the title is free of liens or encumbrances, which is facilitated through title insurance. This commitment previews the terms under which the title insurance will be provided, akin to how the Money Agreement details terms related to the property's title status and any responsibilities for title defects.
The Agency Disclosure Form is closely aligned with the Money Agreement Oregon form through its agency acknowledgment section. Both documents require disclosure regarding the representation of buyers and sellers, ensuring all parties are aware of who the real estate agents represent. This transparency in agency relationships helps protect the interests of all parties involved in the transaction.
The Seller's Property Disclosure Form, often required in real estate transactions, complements the Money Agreement Oregon form by providing detailed information about the property's condition. Although the Money Agreement includes provisions for property condition and inspections, the Seller's Property Disclosure offers a more extensive overview of the property's state, including any known defects or issues, thus ensuring the buyer is well-informed.
An Assignment of Contract form is relevant to the Money Agreement Oregon form, especially when a buyer wishes to transfer their rights and obligations under the agreement to another party. This may be necessary if the original buyer cannot complete the purchase and needs to assign the contract to an interested third party, a situation the Money Agreement can accommodate under certain conditions specified within its clauses.
A Closing Statement, or HUD-1 Settlement Statement, although typically used at the end of the real estate transaction process, shares its aim with the Money Agreement Oregon form by summarizing the financial aspects of the property purchase. It details the final financial transactions, including adjustments and payments made at closing. Although the Money Agreement outlines the terms leading to the final sale, the Closing Statement provides a conclusive financial breakdown of the completed transaction.
Finally, a Lease Agreement bears similarity to the Money Information Oregon form when the property involves rental units or leaseholds. If part of the real estate transaction includes the transfer of leasing rights or obligations, both documents address the terms under which these rental arrangements are continued or modified post-sale, ensuring a smooth transition for tenants and new owners alike.
When filling out the Money Agreement Oregon form, attention to detail and compliance with legal requirements is crucial for the effectiveness and legality of the agreement. Whether you are a buyer or a seller in a real estate transaction, certain practices should be followed to ensure a smooth and lawful agreement process. Below are lists of things you should and shouldn't do when filling out this form:
Things You Should Do:
Things You Shouldn't Do:
There are several common misconceptions about the Money Agreement Oregon form, which is important for both buyers and sellers to understand. The following points aim to clarify these misunderstandings:
It's not solely for large commercial transactions. While primarily used for commercial purchases and sales, this form can be adapted for larger residential deals or mixed-use properties, depending on the circumstances.
The earnest money is always a fixed amount. The truth is, the amount of earnest money is negotiable between the buyer and seller and is not dictated by the form itself.
Agency acknowledgment dictates exclusive representation. The form does indeed include an agency acknowledgment section, but this doesn't mean representation is exclusively tied to one party. Dual representation is possible and lawful under Oregon law, as long as it is disclosed and agreed upon by all parties.
Seller's disclosure of property condition is comprehensive. While the seller must disclose known material facts about the property's condition, it doesn’t replace a buyer's due diligence and the need for professional inspections.
Buyers cannot back out after signing. Both parties have specific contingencies that, if not met, can allow for the agreement to be voided legally. This includes failure to secure financing, unsatisfactory inspections, or other agreed-upon conditions not being met.
Only cash transactions are covered. The form accommodates various forms of payment beyond cash, including but not limited to financing arrangements, promissory notes, or other agreed-upon consideration.
All legal descriptions of the property must be included at the time of the agreement. While the legal description is crucial, the agreement allows for this information to be added later, provided it is done before closing and agreed upon by all parties.
The agreement is final and not subject to changes. Amendments can be made to the agreement if both parties consent in writing. This allows flexibility if circumstances change before the closing date.
Failure to close always results in the forfeiture of earnest money to the seller. While this can occur, the agreement outlines specific remedies and scenarios where earnest money may be returned to the buyer or alternatively, where the seller may be required to perform specific actions or face legal recourse.
Understanding these points can help parties navigate the complexities of the Money Agreement Oregon form and ensure a smoother transaction process.
When completing and using the Money Agreement Oregon form, several key aspects must be taken into account:
These takeaways emphasize the complexity of real estate transactions in Oregon and the importance of thoroughly understanding and correctly completing the Money Agreement Oregon form to protect the interests of all parties involved.
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