Engaging with real estate transactions requires a solid understanding of the contracts involved, particularly when it comes to residential property exchanges. The LPB-44 form, a staple in real estate dealings, embodies the essence of a residential short form real estate contract, meticulously designed to simplify the complexities of property transactions. Primarily used within the state of Washington, this document covers a broad spectrum of conditions and stipulations essential for both the buyer and the seller, ensuring a transparent and fair procedure. From delineating the parties involved and a detailed description of the property in question to outlining the financial aspects, including the total price, down payment, and assumed obligations, it offers a comprehensive framework for the sale and transfer of property. Additional facets such as insurance, risk of loss, and conditions surrounding the default on payments are methodically addressed, providing clarity and security to both sides of the deal. The form meticulously specifies the conditions under which personal property is included in the sale, the obligations to be paid by the seller, the handing over of possession, and the steps to be followed in case of any defaults or breaches, making it a critical document for both parties engaging in real estate transactions.
Question | Answer |
---|---|
Form Name | Form Lpb 44 |
Form Length | 8 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 2 min |
Other names | form lpb 44, washington estate contract, lpb forms washington state, washington real estate contract |
AFTER RECORDING MAIL TO:
Name
Address
City, State, Zip
Filed for Record at Request of:
ANY OPTIONAL PROVISION NOT INITIALED BY ALL PERSONS SIGNING THIS
REAL ESTATE CONTRACT
(RESIDENTIAL SHORT FORM)
1.PARTIES AND DATE. This Contract is entered into on __________________________ , ____________
between ______________________________________________________________________________
as "Seller" and__________________________________________________________________________
as "Buyer."
2.SALE AND LEGAL DESCRIPTION. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller the following described real estate in __________________________ County, state of Washington:
Assessor’s Property Tax Parcel/Account Number:
3. PERSONAL PROPERTY. Personal property, if any, included in the sale is as follows:
No part of the purchase price is attributed to personal property.
4. |
(a) |
PRICE. Buyer agrees to pay: |
$ |
_________________________ |
Total Price |
|
|
Less |
($) |
_________________________ |
Down Payment |
|
|
Less |
($) |
_________________________ |
Assumed Obligation(s) |
|
|
Results in |
$ |
_________________________ |
Amount Financed by |
Seller. |
|
|
|
|
|
(b)ASSUMED OBLIGATIONS. Buyer agrees to pay the above assumed Obligation(s) by assuming and agreeing to pay that certain ____________________ dated __________ recorded as
AF#.___________________________________.
(Mortgage/Deed of Trust/Contract)
Seller warrants the unpaid balance of said obligation is $ ___________________ which is
payable $_______________ on or before the ________ day of____________________,
________, __________
(including/plus)
interest at the rate of ___________ % per annum on the declining balance thereof; and a like
amount on or before the ______ day of each and every ______________ thereafter until paid in
full.
Page 1 of 5
(month/year)
NOTE: Fill in the date in the following two lines only if there is an early cash out date.
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NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS DUE IN FULL NOT LATER THAN _________________________________, __________.
ANY ADDITIONAL ASSUMED OBLIGATIONS ARE INCLUDED IN ADDENDUM
(c)PAYMENT OF AMOUNT FINANCED BY SELLER.
Buyer agrees to pay the sum of $__________________________ as follows:
$_____________________ or more at buyer's option on or before the
______________ day of
_______________________, _______, ___________________ interest from
______________
(including/plus)
at the rate of _________% per annum on the declining balance thereof; and a like amount
or
more on or before the _________ day of each and every _________ thereafter until paid
in full.
(month/year)
NOTE: Fill in the date in the following two lines only if there is an early cash out date.
NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS DUE IN FULL NOT LATER THAN ____________________________________________________.
Payments are applied first to interest and then to principal. Payments shall be made at
__________________________
or such other place as the Seller may hereafter indicate in writing.
5.FAILURE TO MAKE PAYMENTS ON ASSUMED OBLIGATIONS. If Buyer fails to make any payments on assumed obligation(s), Seller may give written notice to Buyer that unless Buyer makes the delinquent payment(s) within 15 days, Seller will make the payment(s), together with any late charge, additional interest, penalties, and costs assessed by the Holder of the assumed obligation(s). The
6.(a) OBLIGATIONS TO BE PAID BY SELLER. The Seller agrees to continue to pay from payments received hereunder the following obligation, which obligation must be paid in full when Buyer pays the purchase price in full: That
certain ______________________ dated ________________________, recorded as AF#._____________________________.
(Mortgage/Deed of Trust/Contract)
ANY ADDITIONAL OBLIGATION TO BE PAID BY SELLER ARE INCLUDED IN ADDENDUM
(b)EQUITY OF SELLER PAID IN FULL. If the balance owed the Seller on the purchase price herein becomes equal to the balance owed on prior encumbrances being paid by Seller, Buyer will be deemed to have assumed said encumbrances as of that date. Buyer shall thereafter make payments directly to the holders of said encumbrances and make no further payments to Seller. Seller shall at that time deliver to Buyer a fulfillment deed in accordance with the provisions of paragraph 8.
(c)FAILURE OF SELLER TO MAKE PAYMENTS ON PRIOR ENCUMBRANCES. If Seller fails to make any payments on any prior encumbrance, Buyer may give written notice to Seller that unless Seller makes the delinquent payments within 15 days, Buyer will make the payments together with any late charge, additional interest, penalties, and costs assessed by the holder of the prior encumbrance. The
7.OTHER ENCUMBRANCES AGAINST THE PROPERTY. The property is subject to encumbrances including the following listed tenancies, easements, restrictions, and reservations in addition to the obligations assumed by Buyer and the obligations being paid by Seller.
ANY ADDITIONAL
8.FULFILLMENT DEED. Upon payment of all amounts due Seller, Seller agrees to deliver to Buyer a Statutory Warranty Deed in fulfillment of this Contract. The covenants of warranty in said deed shall not apply to any encumbrances
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assumed by Buyer or to defects in title arising subsequent to the date of this Contract by, through, or under persons other than the Seller herein. Any personal property included in the sale shall be included in the fulfillment deed.
9.LATE CHARGES. If any payment on the purchase price is not made within ten (10) days after the date it is due, Buyer agrees to pay a late charge equal to 5% of the amount of such payment. Such late payment charge shall be in addition to all other remedies available to Seller and the first amounts received from Buyer after such late charges are due shall be applied to the late charges.
10.NO ADVERSE EFFECT ON PRIOR ENCUMBRANCES. Seller warrants that entry into this Contract will not cause in any prior encumbrance (a) a breach, (b) accelerated payments, or (c) an increased interest rate; unless (a), (b), or (c) has been consented to by Buyer in writing.
11.POSSESSION. Buyer is entitled to possession of the property from and after the date of this Contract or
_________________________, ___________, whichever is later, subject to any tenancies described in paragraph 7.
12.TAXES, ASSESSMENTS, AND UTILITY LIENS. Buyer agrees to pay by the date due all taxes and assessments becoming a lien against the property after the date of this Contract. Buyer may in good faith contest any such taxes or assessments so long as no forfeiture or sale of the property is threatened as the result of such contest. Buyer agrees to pay when due any utility charges which may become liens superior to Seller's interest under this Contract. If real estate taxes and penalties are assessed against the property subsequent to date of this Contract because of a change in use prior to the date of this Contract for Open Space, Farm, Agricultural, or Timber classifications approved by the County or because of a Senior Citizen's Declaration to Defer Property Taxes filed prior to the date of this Contract, Buyer may demand in writing payment of such taxes and penalties within 30 days. If payment is not made, Buyer may pay and deduct the amount thereof plus 5% penalty from the payments next becoming due Seller under the Contract.
13.INSURANCE. Buyer agrees to keep all buildings now or hereafter erected on the property described herein continuously insured under fire and extended coverage policies in an amount not less than the balances owed on obligations assumed by Buyer plus the balance due Seller, or full insurable value, whichever is lower. All policies shall be held by the Seller and be in such companies as the Seller may approve and have loss payable first to any holders of underlying encumbrances, then to Seller as their interests may appear and then to Buyer. Buyer may within 30 days after loss negotiate a contract to substantially restore the premises to their condition before the loss. If insurance proceeds are sufficient to pay the contract price for restoration or if the Buyer deposits in escrow any deficiency with instructions to apply the funds on the restoration contract, the property shall be restored unless the underlying encumbrances provide otherwise. Otherwise the amount collected under any insurance policy shall be applied upon any amounts due hereunder in such order as Seller shall determine. In the event of forfeiture, all rights of Buyer in insurance policies then in force shall pass to Seller.
14.NONPAYMENT OF TAXES, INSURANCE, AND UTILITIES CONSTITUTING LIENS. If Buyer fails to pay taxes or assessments, insurance premiums, or utility charges constituting liens prior to Seller's interest under this Contract, Seller may pay such items and Buyer shall forthwith pay Seller the amount thereof plus a late charge of 5% of the amount thereof plus any costs and attorney's fees incurred in connection with making such payment.
15.CONDITION OF PROPERTY. Buyer accepts the property in its present condition and acknowledges that Seller, his/her agents, and subagents have made no representation or warranty concerning the physical condition of the property or the uses to which it may be put other than as set forth herein. Buyer agrees to maintain the property in such condition as complies with all applicable laws.
16.RISK OF LOSS. Buyer shall bear the risk of loss for destruction or condemnation of the property. Any such loss shall not relieve Buyer from any of Buyer's obligations pursuant to this Contract.
17.WASTE. Buyer shall keep the property in good repair and shall not commit or suffer waste or willful damage to or destruction of the property. Buyer shall not remove commercial timber without the written consent of Seller.
18.AGRICULTURAL USE. If this property is to be used principally for agricultural purposes, Buyer agrees to conduct farm and livestock operations in accordance with good husbandry practices. In the event a forfeiture action is instituted, Buyer consents to Seller's entry on the premises to take any reasonable action to conserve soil, crops, trees, and livestock.
19.CONDEMNATION. Seller and buyer may each appear as owners of an interest in the property in any action concerning condemnation of any part of the property. Buyer may within 30 days after condemnation and removal of improvements, negotiate a contract to substantially restore the premises to their condition before the removal. If the condemnation proceeds are sufficient to pay the contract price for restoration or if the Buyer deposits in escrow any deficiency with instructions to apply the funds on the restoration contract, the property shall be restored unless underlying encumbrances provide otherwise. Otherwise, proceeds of the award shall be applied in payment of the balance due on the purchase price, as Seller may direct.
20.DEFAULT. If the Buyer fails to observe or perform any term, covenant, or condition of this Contract, Seller may:
(a)Suit for Installments. Sue for any delinquent periodic payment; or
(b)Specific Performance. Sue for specific performance of any of Buyer's obligations pursuant to this Contract; or
(c)Forfeit Buyer's Interest. Forfeit this Contract pursuant to Ch. 61.30, RCW, as it is presently enacted and may hereafter be amended. The effect of such forfeiture includes: (i) all right, title, and interest in the property of the Buyer and all persons claiming through the Buyer shall be terminated; (ii) the Buyer's rights under the Contract shall be cancelled; (iii) all
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sums previously paid under the Contract shall belong to and be retained by the Seller or other person to whom paid and entitled thereto; (iv) all improvements made to and unharvested crops on the property shall belong to the Seller; and (v) Buyer shall be required to surrender possession of the property, improvements, and unharvested crops to the Seller 10 days after the forfeiture.
(d)Acceleration of Balance Due. Give Buyer written notice demanding payment of said delinquencies and payment of a late charge of 5% of the amount of such delinquent payments and payment of Seller's reasonable attorney's fees and costs incurred for services in preparing and sending such Notice and stating that if payment pursuant to said Notice is not received within 30 days after the date said Notice is either deposited in the mail addressed to the Buyer or personally delivered to the Buyer, the entire balance owing, including interest, will become immediately due and payable. Seller may thereupon institute suit for payment of such balance, interest, late charge, and reasonable attorney's fees and costs.
(e)Judicial Foreclosure. Sue to foreclose this Contract as a mortgage, in which event Buyer may be liable for a
deficiency.
21.RECEIVER. If Seller has instituted any proceedings specified in Paragraph 20 and Buyer is receiving rental or other income from the property, Buyer agrees that the appointment of a receiver for the property is necessary to protect Seller's interest.
22.BUYER'S REMEDY FOR SELLER'S DEFAULT. If Seller fails to observe or perform any term, covenant, or condition of this Contract, Buyer may, after 30 days' written notice to Seller, institute suit for damages or specific performance unless the breaches designated in said notice are cured.
23.
24.ATTORNEY'S FEES AND COSTS. In the event of any breach of this Contract, the party responsible for the breach agrees to pay reasonable attorney's fees and costs, including costs of service of notices and title searches, incurred by the other party. The prevailing party in any suit instituted arising out of this Contract and in any forfeiture proceedings arising out of this Contract shall be entitled to receive reasonable attorney's fees and costs incurred in such suit or proceedings.
25.NOTICES. Notices shall be either personally served or shall be sent certified mail, return receipt requested, and by regular first class mail to Buyer at _______________________________________________________________________
___________________________________________________________________________________________________
and to the Seller at ____________________________________________________________________________________
___________________________________________________________________________________________________
or such other addresses as either party may specify in writing to the other party. Notices shall be deemed given when served or mailed. Notice to Seller shall also be sent to any institution receiving payments on the Contract.
26.TIME FOR PERFORMANCE. Time is of the essence in performance of any obligations pursuant to this
Contract.
27.SUCCESSORS AND ASSIGNS. Subject to any restrictions against assignment, the provisions of this Contract shall be binding on the heirs, successors, and assigns of the Seller and the Buyer.
28.OPTIONAL PROVISION
SELLER |
INITIALS: |
BUYER |
_______________________________________ |
___________ |
___________________________________ |
_______________________________________ |
___________ |
___________________________________ |
29.OPTIONAL PROVISION
SELLER |
INITIALS: |
BUYER |
_______________________________________ |
___________ |
___________________________________ |
_______________________________________ |
___________ |
___________________________________ |
30.OPTIONAL PROVISION
SELLER |
INITIALS: |
BUYER |
_______________________________________ |
___________ |
___________________________________ |
_______________________________________ |
___________ |
___________________________________ |
31.OPTIONAL PROVISION
SELLER |
INITIALS: |
BUYER |
Page 5 of 5
_______________________________________ |
___________ |
___________________________________ |
_______________________________________ |
___________ |
___________________________________ |
32.OPTIONAL PROVISION
The payments during the current year shall be $ _____________________ per ______________________________. Such
"reserve" payments from Buyer shall not accrue interest. Seller shall pay when due all real estate taxes and insurance premiums, if any, and debit the amounts so paid to the reserve account. Buyer and Seller shall adjust the reserve account in April of each year to reflect excess or deficit balances and changed costs. Buyer agrees to bring the reserve account balance to a minimum of $10 at the time of adjustment.
SELLER |
INITIALS: |
BUYER |
_______________________________________ |
___________ |
___________________________________ |
_______________________________________ |
___________ |
___________________________________ |
33.ADDENDA. Any addenda attached hereto are a part of this Contract.
34.ENTIRE AGREEMENT. This Contract constitutes the entire agreement of the parties and supersedes all prior agreements and understandings, written or oral. This Contract may be amended only in writing executed by Seller and Buyer.
IN WITNESS WHEREOF the parties have signed and sealed this Contract the day and year first above written.
SELLER |
BUYER |
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
__________________________________ |
________________________________________ |
__________________________________ |
STATE OF __________________________________ )
COUNTY OF ________________________________ )
I certify that I know or have satisfactory evidence that _________________________________________________________
(is/are) the person(s) who appeared before me, and said person(s) acknowledged that (he/she/they) signed this instrument and acknowledged it to be (his/her/their) free and voluntary act for the uses and purposes mentioned in this instrument.
Dated: ___________________________________
_________________________________________________________
Notary Public in and for the state of ___________________________
My appointment expires: ____________________________________
STATE OF __________________________________ )
COUNTY OF ________________________________ )
I certify that I know or have satisfactory evidence that _________________________________________________________
(is/are) the person(s) who appeared before me, and said person(s) acknowledged that (he/she/they) signed this instrument, on oath stated that (he/she/they) (is/are) authorized to execute the instrument and acknowledged it as the ________________________of
__________________________ to be the free and voluntary act of such party(ies) for the uses and purposes mentioned in this
instrument.
Dated: ___________________________________
_________________________________________________________
Notary Public in and for the state of ___________________________
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My appointment expires: ____________________________________
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