In the realm of commercial real estate in Oregon and Southwest Washington, the Commercial Association of REALTORS® Oregon/SW Washington Purchase and Sale Agreement and Receipt for Earnest Money is a pivotal document, structuring the complex journey of buying and selling property. This multifaceted form not only serves as the agreement between buyer and seller but also acknowledges the receipt of earnest money, acting as a testament to the buyer's intention to follow through on the purchase. Emphasizing the intricacies of agency representation, it ensures that both parties are well-informed and agree to the specific real estate agency relationships before proceeding. From detailing the conditions of the sale—including inspections, disclosures, and title insurance—to outlining responsibilities for closing costs and addressing the potential for disputes, this comprehensive document lays the groundwork for a transparent and legally sound transaction. Through its thorough design, it addresses the nuances of conveying both real and personal property, making certain that no stone is left unturned in the quest to foster a fair, clear, and efficient real estate transaction. Moreover, by setting forth mechanisms for notices, amendments, and the potential need for arbitration or attorney involvement, the form not only guides parties through the present transaction but anticipates and provides structure for resolving any unforeseen issues that may arise.
| Question | Answer |
|---|---|
| Form Name | Money Agreement Oregon Form |
| Form Length | 19 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 4 min 45 sec |
| Other names | oregon earnest money agreement form, state of oregon earnest money agreement for property, earnest money agreement pdf, earnest money oregon |
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 :
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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 |
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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
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©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
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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 : |
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A N D : |
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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 |
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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 |
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] , ( 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 |
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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 |
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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 |
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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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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 |
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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 |
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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 $ |
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a s e a r n e s t m o n e y |
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( 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 ” ) . |
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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 |
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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
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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 |
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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 |
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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 " )
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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 |
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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 |
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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
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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 |
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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 |
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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 |
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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 ) |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 .
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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 |
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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 |
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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 , |
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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 '
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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 |
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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 |
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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 .
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S e l l e r ' s D o c u m e n t s . W i t h i n |
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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 |
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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 |
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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 |
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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
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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 : |
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T i t l e I n s u r a n c e . W i t h i n |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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d a y s a f t e r |
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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 |
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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 ) |
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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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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 . |
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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 |
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c l o s e d |
o n o r b e f o r e |
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o r |
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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 |
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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 |
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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 " |
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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 |
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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 |
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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 |
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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 |
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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 " ) |
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. 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 |
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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 |
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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 |
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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 |
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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 , |
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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 |
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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 |
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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 .
©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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9 . |
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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 |
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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 |
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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 |
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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 , |
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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 |
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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 $ |
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t o |
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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 |
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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 : |
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24 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 . |
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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 |
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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 . |
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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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1 |
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 , |
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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 |
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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
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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 |
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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 .
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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
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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 |
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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 .
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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 |
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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 .
©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)
PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)
ALL RIGHTS RESERVED
6 of 13
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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 |
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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 |
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T i m e f o r A c c e p t a n c e . |
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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 |
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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 |
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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 , |
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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 . |
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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 |
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( “ 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 |
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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 |
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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 |
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p e r c e n t ( |
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%) 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 |
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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 |
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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 |
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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 |
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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 .
©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)
PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)
ALL RIGHTS RESERVED
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
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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 |
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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 .
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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 .
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T i m e o f E x e c u t i o n |
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O f f i c e P h o n e |
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S i g n a t u r e _________________________ |
S i g n a t u r e _________________________ |
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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
©1997 Commercial Association of REALTORS® OREGON/SW WASHINGTON (Rev. 1/06)
PURCHASE AND SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY (OREGON)
ALL RIGHTS RESERVED
8 of 13
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R E C O R D I N G R E Q U E S T E D B Y |
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A d d r e s s : |
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C i t y , S t a t e , Z i p |
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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 |
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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 |
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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 |
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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)
ALL RIGHTS RESERVED
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3 . |
E f f e c t i v e D a t e . |
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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 |
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b e |
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( 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 . |
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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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9 . G e n d e r a n d N u m b e r .
A s u s e d i n t h i s A s s i g n m e n t , t h e n e u t e r s h a l l i n c l u d e t h e f e m i n i n e a n d m a s c u l i n e , t h e s i n g u l a r s h a l l i n c l u d e t h e p l u r a l a n d t h e p l u r a l s h a l l i n c l u d e t h e s i n g u l a r , a s t h e c o n t e x t m a y r e q u i r e .
1 0 . M u l t i p l e C o u n t e r p a r t s .
T h i s A s s i g n m e n t m a y b e e x e c u t e d i n o n e o r m o r e 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 b e d e e m e d a n o r i g i n a l , b u t a l l o f w h i c h t o g e t h e r s h a l l c o n s t i t u t e o n e a n d t h e s a m e i n s t r u m e n t .
1 1 . A t t o r n e y s ' F e e s .
I n t h e e v e n t t h a t e i t h e r p a r t y h e r e t o b r i n g s a n a c t i o n a t l a w o r i n e q u i t y t o e n f o r c e o r i n t e r p r e t o r s e e k r e d r e s s f o r b r e a c h o f t h i s A s s i g n m e n t , t h e p r e v a i l i n g p a r t y i n s u c h a c t i o n 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 o t h e r i t s l i t i g a t i o n e x p e n s e s a n d r e a s o n a b l e a t t o r n e y s ' f e e s i n a d d i t i o n t o a l l o t h e r a p p r o p r i a t e r e l i e f .
I N W I T N E S S W H E R E O F , t h e p a r t i e s h e r e t o h a v e e x e c u t e d t h i s A s s i g n m e n t o n t h e r e s p e c t i v e d a t e s s e t o p p o s i t e t h e i r s i g n a t u r e s b e l o w , b u t t h i s A s s i g n m e n t o n b e h a l f o f s u c h p a r t y s h a l l b e d e e m e d t o h a v e b e e n d a t e d a s o f t h e d a t e f i r s t a b o v e w r i t t e n .
A S S I G N O R :
A S S I G N E 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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N o t a r y P u b l i c f o r t h e S t a t e o f O r e g o n
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S T A T E O F D a t e : ______________)
)s s .
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N o t a r y P u b l i c i n a n d f o r s a i d
C o u n t y a n d S t 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
12 of 13
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K N O W A L L P E O P L E B Y T H E S E P R E S E N T S : |
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( " S e l l e r " ) , 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 , t h e r e c e i p t a n d |
s u f f i c i e n c y o f w h i c h a r e h e r e b y a c k n o w l e d g e d , d o e s h e r e b y b a r g a i n , t r a n s f e r , c o n v e y a n d
d e l i v e r t o |
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A l l o f t h e m a c h i n e r y , e q u i p m e n t a n d o t h e r p e r s o n a l p r o p e r t y o w n e d b y S e l l e r ( c o l l e c t i v e l y , " E q u i p m e n t " ) l o c a t e d i n o r o n t h e r e a l p r o p e r t y l o c a t e d 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, a n d 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 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 .
S e l l e r h e r e b y c o v e n a n t s w i t h B u y e r t h a t s a i d E q u i p m e n t i s f r e e a n d c l e a r o f a n d f r o m a l l e n c u m b r a n c e s , s e c u r i t y i n t e r e s t s , l i e n s , m o r t g a g e s a n d c l a i m s w h a t s o e v e r a n d t h a t S e l l e r i s t h e o w n e r o f a n d h a s t h e r i g h t t o s e l l s a m e . S e l l e r , o n b e h a l f o f i t s e l f a n d i t s s u c c e s s o r s , d o e s h e r e b y w a r r a n t a n d a g r e e t o d e f e n d t h e t i t l e i n a n d t o s a i d E q u i p m e n t u n t o B u y e r , i t s s u c c e s s o r s o r a s s i g n s a g a i n s t t h e l a w f u l c l a i m s a n d d e m a n d s o f a l l p e r s o n s c l a i m i n g b y o r t h r o u g h S e l l e r .
I T I S U N D E R S T O O D A N D A G R E E D T H A T B U Y E R H A S E X A M I N E D T H E E Q U I P M E N T H E R E I N S O L D A N D T H A T T H I S S A L E I S M A D E " A S I S , W H E R E I S " A N D S E L L E R D I S C L A I M S A N Y E X P R E S S O R I M P L I E D W A R R A N T Y O T H E R T H A N T H E W A R R A N T Y O F T I T L E S E T F O R T H A B O V E , A S T O T H E E Q U I P M E N T 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 I M P L I E D W A R R A N T I E S O F M E R C H A N T A B I L I T Y O R F I T N E S S F O R A P A R T I C U L A R P U R P O S E .
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 i s B i l l o f S a l e s h a l l b e e f f e c t i v e u p o n t h e d e l i v e r y t h e r e o f b y S e l l e r t o B u y e r .
I N W I T N E S S W H E R E O F , t h e p a r t i e s h a v e c a u s e d t h i s B i l l o f S a l e t o b e e x e c u t e d t h i s
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©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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OREGON REAL ESTATE AGENCY
DISCLOSURE PAMPHLET
OAR
This pamphlet describes agency relationships and the duties and responsibilities of real estate licensees in Oregon. This pamphlet is informational only and neither the pamphlet nor its delivery to you may be construed to be evidence of intent to create an agency relationship.
Real Estate Agency Relationships
An "agency" relationship is a voluntary legal relationship in which a real estate licensee (the "agent") agrees to act on behalf of a buyer or a seller (the "client") in a real estate transaction.
Oregon law provides for three types of agency relationships between real estate agents and their clients:
Seller's Agent - Represents the seller only;
Buyer's Agent - Represents the buyer only;
Disclosed Limited Agent - Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of both clients.
The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent.
Duties and Responsibilities of an Agent
Who Represents Only the Seller or Only the Buyer
Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow the agent to also represent the buyer. An agent who agrees to represent a buyer acts only as the buyer's agent unless the buyer agrees in writing to allow the agent to also represent the seller. An agent who represents only the seller or only the buyer owes the following affirmative duties to their client, other parties and their agents involved in a real estate transaction:
1.To exercise reasonable care and diligence;
2.To deal honestly and in good faith;
3.To present all written offers, notices and other communications in a timely manner whether or not the seller's property is subject to a contract for sale or the buyer is already a party to a contract to purchase;
4.To disclose material facts known by the agent and not apparent or readily ascertainable to a party;
5.To account in a timely manner for money and property received from or on behalf of the client;
6.To be loyal to their client by not taking action that is adverse or detrimental to the client's interest in a transaction;
7.To disclose in a timely manner to the client any conflict of interest, existing or contemplated;
8.To advise the client to seek expert advice on matters related to the transactions that are beyond the agent's expertise;
9.To maintain confidential information from or about the client except under subpoena or court order, even after termination of the agency relationship; and
10.When representing a seller, to make a continuous, good faith effort to find a buyer for the property, except that a seller's agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale. When representing a buyer, to make a continuous, good faith effort to find property for the buyer, except that a buyer's agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase or to show properties for which there is no written agreement to pay compensation to the buyer's agent.
Page 1 of 2
OREGON REAL ESTATE AGENCY
DISCLOSURE PAMPHLET (cont.)
OAR
None of these affirmative duties of an agent may be waived, except #10, which can only be waived by written agreement between client and agent.
Under Oregon law, a seller's agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller. Similarly, a buyer's agent may show properties in which the buyer is interested to other prospective buyers without breaching any affirmative duty to the buyer.
Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent's expertise.
Duties and Responsibilities of an Agent
Who Represents More than One Client in a Transaction
One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property only under a written "Disclosed Limited Agency" agreement, signed by the seller, buyer(s) and their agent.
When different agents associated with the same real estate firm establish agency relationships with different parties to the same transaction, only the principal broker (the broker who supervises the other agents) will act as a Disclosed Limited Agent for both the buyer and seller. The other agents continue to represent only the party with whom the agent already has an established agency relationship unless all parties agree otherwise in writing. The supervising principal broker and the agents representing either the seller or the buyer have the following duties to their clients:
1.To disclose a conflict of interest in writing to all parties;
2.To take no action that is adverse or detrimental to either party's interest in the transaction; and
3.To obey the lawful instruction of both parties.
An agent acting under a Disclosed Limited Agency agreement has the same duties to the client as when representing only a seller or only a buyer, except that the agent may not, without written permission, disclose any of the following:
1.That the seller will accept a lower price or less favorable terms than the listing price or terms;
2.That the buyer will pay a greater price or more favorable terms than the offering price or terms; or
3.In transactions involving
No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation. Unless agreed to in writing, an agent acting under a Disclosed Limited Agency agreement has no duty to investigate matters that are outside the scope of the agent's expertise.
You are encouraged to discuss t h e above information with the agent delivering this pamphlet to you. If you intend for that agent, or any other Oregon real estate agent, to represent you as a Seller's Agent, Buyer's Agent, or Disclosed Limited Agent, you should have a specific discussion with him/her about the nature and scope of the a g e n c y relationship. W h e t h e r you are a buyer or seller, you cannot make a licensee your a g e n t without their knowledge and consent, and an agent cannot make you their client without your knowledge and consent.
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REPRESENTATION OF BOTH BUYER AND SELLER
SELLER’S AGREEMENT
ORS 696.815 (1) authorizes a real estate licensee to represent both the seller and the buyer in a real estate transaction under a disclosed limited agency agreement, provided there is full disclosure of the relationship under the agreement. Oregon Administrative Rules (OARs) adopted by the Agency provide the form and content of the disclosure and the related pamphlet. OAR
Disclosed Limited Agency Agreement
(1)Disclosed limited agency agreements required by ORS 696.815 shall be in writing, signed and dated by the parties to be bound or by their duly appointed real estate agents.
(2)Each disclosed limited agency agreement shall contain the following:
(a)The name of the real estate business within which the representation will take place;
(b)Identification of any existing listing or service agreement between the parties to the disclosed limited agency agreement;
(c)The name(s) of the licensee(s), including the principal real estate broker, who will represent the client;
(d)A plain language description of the requirements of ORS 696.815;
(e)Full disclosure of the duties and responsibilities of an agent who represents more than one party to a real estate transaction. This requirement can be met by providing the client with a copy of the initial agency disclosure pamphlet required by ORS 696.820, discussing the portion of the pamphlet entitled "Duties and Responsibilities of an Agent Who Represents More that One Party to a Transaction" with the client and incorporating the pamphlet into the disclosed limited agency agreement by reference;
(f)Consent and agreement between the parties to the disclosed limited agency agreement regarding representation of the client in future transactions.
(3)Use of a disclosed limited agency agreement for sellers in substantially the following form shall be deemed prima facie evidence of compliance with OAR
DISCLOSED LIMITED AGENCY AGREEMENT FOR SELLER
Property Address _______________________________________
Addendum to Listing Agreement Dated
Real Estate Firm
The Parties to this Disclosed Limited Agency Agreement are:
Listing Agent (print) _____________________________________
Listing Agent's Principal Broker (print) _______________________
Seller (print) ___________________________________________
Seller (print) ___________________________________________
The Parties to this Agreement understand that Oregon law allows a single real estate agent to act as a disclosed limited agent
In consideration of the above understanding, and the mutual promises and benefits exchanged here and in the Listing Agreement, the Parties now agree as follows:
1.Seller acknowledge they have received the initial agency disclosure pamphlet required by ORS 696.820 and have read and discussed with the Listing Agent that part of the pamphlet entitled "Duties and Responsibilities of an Agent Who Represents More than One Party to A Transaction." The initial agency disclosure pamphlet is hereby incorporated into this Disclosed Limited Agency Agreement by reference.
2.Seller, having discussed with the Listing Agent the duties and responsibilities of an agent who represents more than one party to a transaction, consent and agree as follows:
(A)The Listing Agent and the Listing Agent's Principal Broker, in addition to representing Seller, may represent one or more buyers in a transaction involving the listed property;
(B)In a transaction involving the listed property where the buyer is represented by an agent who works in the same real estate business as the Listing Agent and who is
(C)In all other cases, the Listing Agent and the Listing Agent's Principal Broker shall represent Seller exclusively.
Seller signature _________________________________ |
Date |
Seller signature__________________________________ |
Date |
Listing Agent signature ___________________________ |
Date |
(On their own and on behalf of Principal Broker) Broker initial and review date
REPRESENTATION OF BOTH BUYER AND SELLER
BUYER’S AGREEMENT
ORS 696.815 (1) authorizes a real estate licensee to represent both the seller and the buyer in a real estate transaction under a disclosed limited agency agreement, provided there is full disclosure of the relationship under the agreement. Oregon Administrative Rules (OARs) adopted by the Agency provide the form and content of the disclosure. OAR
Disclosed Limited Agency Agreement
(1)Disclosed limited agency agreements required by ORS 696.815 shall be in writing, signed and dated by the parties to be bound or by their duly appointed real estate agents.
(2)Each disclosed limited agency agreement shall contain the following:
(a)The name of the real estate business within which the representation will take place;
(b)Identification of any existing listing or service agreement between the parties to the disclosed limited agency agreement;
(c)The name(s) of the licensee(s), including the principal real estate broker, who will represent the client;
(d)A plain language description of the requirements of ORS 696.815;
(e)Full disclosure of the duties and responsibilities of an agent who represents more than one party to a real estate transaction. This requirement can be met by providing the client with a copy of the initial agency disclosure pamphlet required by ORS 696.820, discussing the portion of the pamphlet entitled "Duties and Responsibilities of an Agent Who Represents More that One Party to a Transaction" with the client and incorporating the pamphlet into the disclosed limited agency agreement by reference;
(f)Consent and agreement between the parties to the disclosed limited agency agreement regarding representation of the client in future transactions.
…(4) Use of a disclosed limited agency agreement for buyers in substantially the following form shall be deemed prima facie evidence of compliance with sections (1) and (2).
DISCLOSED LIMITED AGENCY AGREEMENT FOR BUYER
Property Address ___________________________________________
Addendum to Buyer Service Agreement Dated ____________________
Real Estate Firm __________________________________________
The Parties to this Disclosed Limited Agency Agreement are:
Buyer's Agent (print)_________________________________________
Buyer's Agent's Principal Broker (print) __________________________
Buyer (print) _______________________________________________
Buyer (print) _______________________________________________
The Parties to this Agreement understand that Oregon law allows a single real estate agent to act as a disclosed limited agent
In consideration of the above understanding, and the mutual promises and benefits exchanged here and, if applicable, in the Buyer Service Agreement, the Parties now agree as follows:
1.Buyer(s) acknowledge they have received the initial agency disclosure pamphlet required by ORS 696.
820and have read and discussed with the Buyers Agent that part of the pamphlet entitled "Duties and Responsibilities of an Agent Who Represents More than One Party to A Transaction." The initial agency disclosure pamphlet is hereby incorporated into this Disclosed Limited Agency Agreement by reference.
2.Buyer(s), having discussed with Buyers Agent the duties and responsibilities of an agent who represents more than one party to a transaction, consent and agree as follows:
(A)Buyers Agent and the Buyers Agent's Principal Broker, in addition to representing Buyer, may represent the seller or another buyer in any transaction involving Buyer;
(B)In a transaction where the seller is represented by an agent who works in the same real estate business as the Buyers Agent and who is supervised by the Buyers Agent's.
Principal Broker, the Principal Broker may represent both seller and Buyer. In such a situation, the Buyers Agent will continue to represent only the Buyer and the other agent will represent only the Seller, consistent with the applicable duties and responsibilities set out in the initial agency disclosure pamphlet;
(C)In all other cases, the Buyers Agent and the Buyers Agent's Principal Broker shall represent Buyer exclusively.
Buyer signature _________________________________ |
Date |
Buyer signature _________________________________ |
Date |
Buyer’s Agent signature __________________________ |
Date |
(On their own and on behalf of Principal Broker) Broker initial and review date