The Bullet Proof Earnest Money
Presented By
Richard Mario
Business and Real Estate Law
Richard A. Mario
Attorney at Law & Shareholder
Admitted in Oregon & Arizona
t 503.620.8900 f 503.620.4878
[email protected]
AREAS OF PRACTICE
Litigation
Richard Mario began to represent clients in 1980 and is admitted to both the Arizona & Oregon State
Bars. Richard’s practice has a particular focus on representing clients in all aspects of real estate related
 Building and Premises
disputes in civil litigation and family law. Richard handles all cases from simple to complex litigation
Defects
 Real Estate Development
Disputes
 Zoning and Land Use
 Construction Disputes and
Claims
 Construction Defect
Litigation
 Real Property Boundary
Disputes
 Foreclosures
 Business Contract Disputes
 Probate and Trust Disputes
 Professional Licensing
Disputes
 Division of Family
Businesses and Real Estate
 Family Trust Disputes
 Probate Disputes
with the focus on the clients’ needs. He employs all the tools, from mediation to litigation, to achieve
success for his clients. Richard has been the lead counsel on several multi-million dollar construction
and development disputes and he engages in frequent land use, road right of way, and title dispute
litigation. Richard is also very experienced in trust litigation involving parties and property in several
states. Richard’s successes include litigation over the sale of the Lincoln Center Office complex at
Washington Square, a 600 acre residential development in Lincoln City, and a 500 acre mixed use
development in Klamath County. Richard also co-founded the firm’s Wine Law Practice Group and
volunteers his expertise to the Eola-Amity Hills AVA.
Richard has a wide range of knowledge of the particular challenges faced by buyers, sellers, and
brokers in the residential real estate industry. He represents these clients before governmental agencies,
in land use disputes, and real estate licensing.
Richard enjoys teaching more than 60 classes a year to real estate agents, title insurance representatives,
and other esteemed professionals. He also enjoys teaching skiing at Mt. Hood Meadows as a certified
ski instructor.
Richard and his family enjoy skiing, mountain bike riding, and camping.
Suite 200
5300 Meadows Road
Lake Oswego, OR 97035
t 503.620.8900
d 503.906.2220
f 503.620.4878
www.buckley-law.com
The Bullet Proof Earnest Money
1
What is your responsibility as an agent?
1.1
Sellers.
1.2
Buyers.
1.3
Do you want to accept more responsibility?
1.4
Referrals. Should you use a list of three?
2
Earnest money is where your performance responsibility becomes
memorialized.
3
Earnest money is a contract.
3.1
Essential elements of a contract must be met.
3.1.1
3.1.2
3.1.3
3.1.4
3.1.5
3.1.6
3.1.7
3.1.8
3.1.9
3.1.10
3.1.11
3.1.12
3.1.13
3.1.14
3.1.15
3.1.16
3.1.17
3.1.18
3.1.19
Price.
Property description.
Terms and conditions.
Repairs and inspections.
Special conditions.
Sale of property.
Partition of lot.
Subject to seller paying portion of buyer’s costs.
Seller financing.
Buyer providing financing qualifications information.
Seller’s agent to approve list price of purchaser’s property if contingent
sale.
Subject to attorney approval, CPA approval and other approval.
1031 Exchange.
Seller’s representations.
“As Is.”
Closing.
Title Insurance.
Additional land sales contract.
Arbitration and mediation.
3.1.20 Other contingencies.
3.2
4
Purpose is to demonstrate a meeting of the minds on the elements.
Forms.
4.1
A contract with many of the terms spelled out and to be filled out.
4.2
The more you add or delete the form, the more you accept responsibility to make
sure everything is included and correctly stated.
4.3
If you are not comfortable or uncertain with what you are drafting then ask why.
4.4
The more you add or delete the more opportunity there is to argue by what is
meant and whether there is a meeting of the minds.
Sale Agreement #
FINAL AGENCY ACKNOWLEDGMENT
1
Both Buyer and Seller acknowledge having received the Oregon Real Estate Agency Disclosure Pamphlet, and hereby acknowledge and consent
2
to the following agency relationships in this transaction: (1) _______________________________________________ (Name of Selling Licensee)
3
of
(Name of Real Estate Firm) is the agent of (check one):
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Buyer exclusively (“Buyer Agency”).
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(2)
6
of
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Seller exclusively ("Seller Agency").
Both Buyer and Seller ("Disclosed Limited Agency").
(Name of Listing Licensee)
(Name of Real Estate Firm) is the agent of (check one):
Seller exclusively ("Seller Agency").
Both Buyer and Seller ("Disclosed Limited Agency").
8
(3) If both parties are each represented by one or more Licensees in the same Real Estate Firm, and Licensees are supervised by the same
9
principal broker in that Real Estate Firm, Buyer and Seller acknowledge that said principal broker shall become the disclosed limited agent for both
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Buyer and Seller as more fully explained in the Disclosed Limited Agency Agreements that have been reviewed and signed by Buyer, Seller and
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Licensee(s).
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Buyer shall sign this acknowledgment at the time of signing this Agreement before submission to Seller. Seller shall sign this acknowledgment at the time this
13
Agreement is first submitted to Seller, even if this Agreement will be rejected or a counter offer will be made. Seller's signature to this Final Agency
14
Acknowledgment shall not constitute acceptance of this Agreement or any terms therein.
15
Buyer
Print
Date
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Buyer
Print
Date
17
Seller
Print
Date
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Seller
Print
Date
RESIDENTIAL REAL ESTATE SALE AGREEMENT
19
This Agreement is intended to be a legal and binding contract.
20
If it is not understood, seek competent legal advice before signing. Time is of the essence of this Agreement.
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1. DEFINITIONS: All references in this Agreement to "Licensee" and "Firm" shall refer to Buyer’s and Seller’s real estate agents licensed in the
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State of Oregon and the respective real estate companies with which they are affiliated. Licensee(s) and Firm(s) identified in the Final Agency
23
Acknowledgment Section above are not parties to this Agreement, except as may be expressly applicable. Unless otherwise provided herein: (1)
24
Time calculated in days after the date Buyer and Seller have signed this Agreement shall start on the first full business day after the date of Seller’s
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signature indicating acceptance of Buyer’s offer or counteroffer, or Buyer’s signature indicating acceptance of Seller’s counteroffer. (2) Written
26
notices required or permitted under this Agreement to be delivered to Buyer or Seller may be delivered to their respective Licensee with the same
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effect as if delivered to that Buyer or Seller; (3) A “business day” shall mean Monday through Friday, except recognized legal holidays as
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enumerated in ORS 187.010 and 187.020.
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2.1 PRICE/PROPERTY DESCRIPTION: Buyer (print name(s))
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offers to purchase from Seller (print name(s))
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the following described real property (hereinafter "the Property") situated in the State of Oregon, County of
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and commonly known or identified as (insert street address, city, zip code, tax identification number, lot/block description, etc.)
,
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.
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(Buyer and Seller agree that if it is not provided herein, a complete legal description as provided by the title insurance company in accordance with
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Section 5, below, shall, where necessary, be used for purposes of legal identification and conveyance of title.)
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for the Purchase Price (in U.S. currency) of
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on the following terms: Earnest money herein receipted for
B$
40
on___________________, as additional earnest money, the sum of
C$
41
at or before Closing, the balance of down payment
D$
42
at Closing and upon delivery of
DEED
A$
CONTRACT the balance of the Purchase Price
E$
(Lines B, C, D and E should equal Line A)
43
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 1 of 10
Richard Mario
[email protected]
Page 1 of 17
OREF 001
Sale Agreement #
44
2.2 BALANCE OF PURCHASE PRICE. (Select A or B)
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A.
This is an all cash transaction. Buyer to provide verification (“Verification”) of readily available funds as follows (select only one):
Buyer has attached a copy of the Verification with the submission of this Agreement to Seller or Listing Licensee.
Buyer will provide Seller or
Other
Listing Licensee with the Verification within ____ business days (five [5] if not filled in) following mutual acceptance of this Agreement; or
(Describe):
___________________________.
Seller may notify Buyer or Buyer’s Licensee, in writing, of Seller's unconditional disapproval of the Verification within ___ business days (five [5] if
not filled in) (“Disapproval Period”) following its receipt by Seller or Listing Licensee, in which case, all earnest money deposits shall be promptly
refunded and this transaction shall be terminated. If Seller fails to provide Buyer or Selling Licensee with written unconditional disapproval
of the Verification by Midnight of the Disapproval Period, Seller shall be deemed to have approved the Verification. If Buyer fails to
submit a Verification within a time frame selected above, unless the parties agree otherwise in writing, all earnest money deposits shall
be promptly refunded and this transaction shall be terminated.
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B.
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Pre-Approval Letter.
Buyer has attached a copy of a Pre-Approval Letter from Buyer’s Lender or mortgage broker;
Pre-Approval Letter at the time of making this offer;
Buyer agrees to secure a Pre-Approval Letter as follows:
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3.1 FINANCING CONTINGENCIES. If Buyer is financing any portion of the Purchase Price, this transaction is subject to the following financing
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3.2 FAILURE OF FINANCING CONTINGENCIES. If Buyer receives actual notification that any Financing Contingencies identified above have
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3.3 BUYER REPRESENTATION REGARDING FINANCING:
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(1) Buyer shall apply for a loan not later than
business days (three [3] if not filled in) following the date Buyer and Seller have signed this
Agreement, and will thereafter complete all reasonably necessary papers in a timely manner and exercise best efforts (including payment of all
application, appraisal and processing fees, where applicable) to obtain the loan;
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(2) Buyer shall make a good faith effort to secure the ordering of the Lender’s appraisal no later than expiration of the Inspection Contingency
Period in Section 15.2 of this Agreement, or if the Professional Inspection Addendum (OREF-058) is used, expiration of the Inspection Period.
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(3) Buyer currently has liquid and available funds for the earnest money deposit and down payment, sufficient to Close the transaction described
herein, and is not relying upon any contingent source of funds (e.g., from loans, gifts, sale or Closing of other property, 401K disbursements, etc.),
except as follows (describe):
Balance of Purchase Price to be financed as follows (Select only one):
Conventional;
FHA;
Federal VA;
____ (hereinafter “Loan
Other (Describe):
Program”). Buyer agrees to seek financing through a lending institution (“Lender”) participating in the Loan Program identified above.
Buyer does not have a
contingencies: (1) Buyer and the Property to qualify for the loan from Lender; (2) Lender’s appraisal shall not be less than the Purchase Price; and,
(3) Other (Describe):
.
All Financing Contingencies are solely for Buyer’s benefit and may be waived by Buyer in writing at any time.
business days (two [2] if not filled in) following
failed or otherwise cannot occur, Buyer shall promptly notify Seller, and the parties shall have
the day of Seller’s receipt of such notification to either (a) Terminate this transaction by signing a Termination Agreement (OREF-057) or such other
similar form as may be provided by Escrow; or (b) Reach a written mutual agreement upon such price and terms that will permit this transaction to
continue. Neither Seller nor Buyer is required under the preceding provision (b) to reach such agreement. If (a) or (b) fail to occur within the time
period identified herein, this transaction shall be automatically terminated and all earnest money shall be promptly refunded to Buyer. Buyer
understands that upon termination of this transaction, Seller shall have the right to immediately place the Property back on the market for sale upon
any price and terms as Seller determines, in Seller’s sole discretion.
As of the date of signing this Agreement, Buyer makes the following
representations to Seller:
(4) Buyer authorizes Buyer’s Lender or mortgage broker to provide non-confidential information to Listing and Selling Licensees regarding Buyer’s
loan application status.
(5) Buyer shall promptly notify Seller or Seller’s Licensee if, after signing this Agreement, Buyer substitutes another lender for any reason.
Notwithstanding the preceding, Buyer shall not be permitted to select a Loan Program different than the one selected in Section 2.2 (B) above,
without Seller’s advance written consent.
(6) Buyer agrees to keep Seller promptly informed of all other material non-confidential developments regarding Buyer’s financing and the timing of
Closing.
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 2 of 10
Richard Mario
[email protected]
Page 2 of 17
OREF 001
Sale Agreement #
93
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3.4 INSURANCE: If the Property is located in a designated flood zone, Buyer acknowledges that flood insurance may be required as a condition
of the new loan. Buyer is encouraged to promptly verify the availability and cost of property/casualty/flood insurance that will be secured for the
Property.
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4. ADDITIONAL PROVISIONS:
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5. TITLE INSURANCE: Unless otherwise provided herein, this transaction is subject to Buyer's review and approval of a preliminary title report
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6. DEED: Seller shall convey marketable title to the Property by statutory warranty deed (or good and sufficient personal representative’s or
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7. SELLER-CARRIED FINANCING (E.G. LAND SALE CONTRACT/TRUST DEED/MORTGAGE/OPTION AGREEMENTS, RENT-TOOWN, ETC.): Note: State and federal laws and regulations provide that under certain circumstances, offering or negotiating the terms of seller-
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8. FIXTURES: All fixtures (including remote controls and essential related equipment) are to be left upon the Property. Fixtures shall include but
For additional provisions, see Addendum
.
and the recorded covenants, conditions and restrictions ("the Report and CC&Rs") showing the condition of title to the Property. (If not fully
understood, Buyer should immediately contact the title insurance company for further information or seek competent legal advice.
Neither Listing nor Selling Licensee is qualified to advise on specific legal or title issues.) Upon signature and acceptance of this
Agreement by Buyer and Seller, Seller will, at Seller's sole expense, promptly order the Report and CC&Rs from an Oregon title insurance
company and furnish them to Buyer. Upon receipt of the Report and CC&Rs, Buyer shall have
business days (five [5] if not filled in) within
which to notify Seller, in writing, of any matters disclosed in the Report and CC&Rs which is/are unacceptable to Buyer ("the Objections"). Buyer's
failure to timely object, in writing, to any matters disclosed in the Report and/or CC&Rs shall constitute acceptance of the Report and/or CC&Rs.
However, Buyer’s failure to timely object shall not relieve Seller of the duty to convey marketable title pursuant to Section 6 below. If, within
business days (five [5] if not filled in) following receipt of the Objections, if any, Seller fails to remove or correct the matters identified in the
Objections, or does not give written assurances reasonably satisfactory to Buyer that they will be removed or corrected, all earnest money shall be
promptly refunded to Buyer and this transaction shall be terminated. This contingency is solely for Buyer’s benefit and may be waived by Buyer in
writing. Within thirty (30) days after Closing, Seller shall furnish to Buyer an owner's standard form policy of title insurance insuring marketable title
in the Property to Buyer in the amount of the purchase price, free and clear of the Objections and all other title exceptions agreed to be removed as
part of this transaction. (Note: This Section 5 provides that Seller will pay for Buyer’s standard owner’s policy of title insurance. In some
areas of the country, such a payment might be regarded as a “seller concession.” Under the amended Real Estate Settlement
Procedures Act (“RESPA”), effective on January 1, 2010 there are limitations, regulations and disclosure requirements on “seller
concessions” unless the product or service paid by the Seller was one customarily paid by the Seller. In Oregon sellers customarily and
routinely pay for their buyer’s standard owner’s policy of title insurance. Accordingly, unless the terms of this Section 5 are modified in
writing by Buyer and Seller, the parties acknowledge, agree and so instruct escrow, that in this transaction, Seller’s payment of Buyer’s
standard owner’s policy of title insurance is not a “seller concession” under RESPA or any other federal or state law.)
trustee's or similar legal fiduciary’s deed, where applicable) free and clear of all liens of record, except property taxes which are a lien but not yet
payable, zoning ordinances, building and use restrictions, reservations in Federal patents, easements of record which affect the Property,
covenants, conditions and restrictions of record, and those matters accepted by Buyer pursuant to Section 5 above.
carried financing must be performed by a Mortgage Loan Originator (see, ORS86A.200 (4)), and the terms of such financing may have to comply
with certain consumer protection disclosures rules. Your real estate licensee is not qualified to provide these services or to advise you in this
regard. Legal advice is strongly recommended. If this transaction is to include a land sale contract, trust deed, mortgage or option agreement
between Buyer and Seller, the parties shall agree upon the terms and conditions of such document not later than _____ business days (ten [10] if
not filled in) after the date Buyer and Seller have signed and accepted this Sale Agreement. Upon failure of Buyer and Seller to reach agreement as
to the terms and conditions of the document within said time period, this transaction shall automatically terminate, all parties shall cooperate in
signing such documentation reasonably necessary to effect a termination of this transaction and a refund of all deposits, if any, to Buyer. Caveat:
The additional documents identified in this Section 7 can have legally binding consequences, and Buyer and Seller are strongly
encouraged to secure competent legal advice before entering into such agreements. If Escrow (as defined in Section 17) is instructed to
prepare the note and trust deed or mortgage to be used in this transaction, state statute requires that Buyer and Seller receive from
Escrow, at least three (3) days prior to Closing (as defined in Section 18), a statutory notice and a copy of the proposed documents. This
requirement cannot be waived by Buyer or Seller without the approval of both of their respective Oregon-licensed attorneys.
not be limited to: Built-in appliances; attached floor coverings; drapery rods and curtain rods; window and door screens; storm doors and windows;
system fixtures (irrigation, plumbing, ventilating, cooling and heating); water heaters; attached electric light and bathroom fixtures; light bulbs;
fluorescent lamps; window blinds; awnings; fences; all planted shrubs, plants and trees; EXCEPT:
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 3 of 10
Richard Mario
[email protected]
Page 3 of 17
OREF 001
Sale Agreement #
146
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9. PERSONAL PROPERTY: Only the following personal property, in "AS-IS" condition and at no stated value is included:
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10. ALARM SYSTEM:
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11. WOODSTOVE/FIREPLACE INSERT: Does the Property contain a woodstove or fireplace insert?
_______________________
NONE
OWNED
LEASED. If leased, Buyer
will
will not assume the lease at Closing.
Yes
No
Is the woodstove or fireplace insert certified?
Yes
No
Unknown If “No” or “Unknown,” Seller to provide Buyer with OREF-046
Woodstove/Fireplace Insert Addendum.
12. SELLER REPRESENTATIONS: Subject to other written disclosures made by Seller as a part of this transaction, Seller makes the
following representations to Buyer:
(1) The primary dwelling is connected to (check all that apply):
a public sewer system;
an on-site sewage system;
a public
water system;
a private well;
other (e.g., surface springs, cistern, etc.).
(2) At the earlier of possession or Closing Date, the dwelling will have one or more operating smoke alarms, smoke detectors and carbon
monoxide detectors as required by law (See http://www.oregon.gov/OSP/SFM/ ).
(3) Seller has no knowledge of any hazardous substances in or about the Property other than substances (if any) contained in appliances
and equipment. Buyer acknowledges that asbestos commonly exists in insulation, ceilings, floor coverings and other areas in residential
housing and may exist in the Property.
(4) Seller knows of no material defects in or about the Property.
(5) All electrical wiring, heating, cooling, plumbing and irrigation equipment and systems and the balance of the Property, including the
yard, will be in substantially its present condition at the time Buyer is entitled to possession.
(6) Seller has no notice of any liens or assessments to be levied against the Property.
(7) Seller has no notice from any governmental agency of any violation of law relating to the Property.
(8) Seller is not a “foreign person” under the Foreign Investment in Real Property Tax Act ("FIRPTA") as defined in this Agreement.
(9) Seller knows of no material discrepancies between visible lines of possession and use (such as existing fences, hedges, landscaping,
structures, driveways, and other such improvements) currently existing on the Property offered for sale and the legal description of the
Property.
(10) Seller will keep the Property fully insured through Closing.
Seller agrees to promptly notify Buyer if, prior to Closing, Seller receives actual notice of any event or condition which could result in
making any previously disclosed material information relating to the Property substantially misleading or incorrect. These
representations are made to the best of Seller's knowledge. Seller may have made no investigations. Exceptions to items (1) through (10)
are:
Buyer acknowledges that the above representations are not warranties regarding the condition of the Property and are not a substitute
for, nor in lieu of, Buyer’s own responsibility to conduct a thorough and complete independent investigation, including the use of
professionals, where appropriate, regarding all material matters bearing on the condition of the Property, its value and its suitability for
Buyer’s intended use. Neither the Listing nor Selling Licensees shall be responsible for conducting any inspection or investigation of
any aspects of the Property.
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13. "AS-IS": Except for Seller's express written agreements and written representations contained herein, and Seller's Property
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14. PRIVATE WELL: Does the Property contain a Private Well ?
Disclosure, if any, Buyer is purchasing the Property "AS-IS," in its present condition and with all defects apparent or not apparent. This
provision shall not be construed to limit Buyer’s right to implied new home warranties, if any, that may otherwise exist under Oregon
law.
INSPECTIONS:
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Yes
No
If the property contains a private well, the OREF-082 Private
Well Addendum will be attached to this Sale Agreement.
(CHECK ONLY ONE BOX)
15.1 ENVRONMENTAL HEALTH CONDITIONS: The following list identifies some, but not all, environmental conditions that may be found in and
around all real property that may affect health: Asbestos, carbon monoxide, electric and magnetic fields, formaldehyde, lead and other
contaminants in drinking water and well water, lead based paint, mold and mildew, radon, and leaking underground storage tanks. If Buyer has any
concerns about these conditions or others, Buyer is encouraged to secure the services of a professional inspector, consultant, or health expert, for
information and guidance. Neither the listing nor selling licensees are experts in environmental health hazards or conditions. For additional
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 4 of 10
Richard Mario
[email protected]
Page 4 of 17
OREF 001
Sale Agreement #
197
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information, go to the Oregon Association of Realtors®’ Buyer advisory at: http://www.oregonrealtors.org and the Oregon Public Health Division at
http://public.health.oregon.gov/Pages/Homes.aspx
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15.2 INSPECTIONS: Buyer understands that it is advisable to have a complete inspection of the Property by qualified professional(s) relating to
such matters as structural condition, soil condition/compaction/stability, environmental issues, survey, zoning, operating systems, and suitability for
Buyer’s intended purpose. Neither Listing nor Selling Licensee is qualified to conduct such inspections and shall not be responsible to do so. For
further details, Buyer is encouraged to review the Buyer Advisory at “http://www.oregonrealtors.org”.
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PROFESSIONAL INSPECTIONS: At Buyer's expense, Buyer may have the Property and all elements and systems thereof inspected by
one or more professionals of Buyer's choice. Provided, however, Buyer must specifically identify in this Agreement any desired inspections which
may include testing or removal of any portion of the Property including radon and mold. Buyer understands that Buyer is responsible for the
restoration of the Property following any inspection(s)/test(s) performed by Buyer or on Buyer’s behalf. Buyer shall have _____ business days
(ten [10] if not filled in), after the date Buyer and Seller have signed this Agreement (hereinafter "the Inspection Period"), in which to complete all
inspections and negotiations with Seller regarding any matters disclosed in any inspection report. However, during the Inspection Period, Seller
shall not be required to modify any terms of this Agreement already reached with Buyer. Unless a written and signed modification is reached, at any
time during the Inspection Period, Buyer may notify Seller or Listing Licensee, in writing, of Buyer's unconditional disapproval of the Property based
on any inspection report(s), in which case, all earnest money deposits shall be promptly refunded and this transaction shall be terminated. Buyer
shall promptly provide a copy of all reports to Seller only if requested by Seller. If Buyer fails to provide Seller or Listing Licensee with written
unconditional disapproval of any inspection report(s) by Midnight of the final day of the Inspection Period, Buyer shall be deemed to
have accepted the condition of the Property. Note that if, prior to expiration of the Inspection Period, written agreement is reached with
Seller regarding ALL Buyer’s requested repairs, the Inspection Period shall automatically terminate, unless the parties agree otherwise
in writing.
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ALTERNATIVE INSPECTION PROCEDURES: OREF-058 PROFESSIONAL INSPECTION ADDENDUM OR OTHER INSPECTION
ADDENDUM
is attached to this Agreement.
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BUYER'S WAIVER OF INSPECTION CONTINGENCY: Buyer represents to Seller and all Licensees and Firms that Buyer is fully satisfied
with the condition of the Property and all elements and systems thereof and knowingly and voluntarily elects to waive the right to have any
inspections performed as a contingency to the Closing of the transaction. Buyer’s election to waive the right of inspection is solely Buyer’s decision
and at Buyer’s own risk.
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16. LEAD-BASED PAINT CONTINGENCY PERIOD: If the Property was constructed before 1978, a Lead-Based Paint Disclosure
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Addendum (hereinafter "the Disclosure Addendum") shall be promptly signed by Seller, Buyer and Listing and Selling Licensees, and
become a part of this Agreement. Buyer shall also be provided with a pamphlet entitled “Protect Your Family From Lead in Your Home.”
Buyer shall have _____ calendar days (ten [10] unless a greater number is filled in) within which to conduct a lead-based paint
assessment or inspection (hereinafter referred to as "the Lead-Based Paint Contingency Period"), which shall commence immediately
when Buyer and Seller sign the Disclosure Addendum. Unless the opportunity to conduct a risk assessment or inspection is expressly
waived in the Disclosure Addendum, Buyer may, in writing, unconditionally cancel this transaction during the Lead-Based Paint
Contingency Period and receive a prompt return of all earnest money deposits. Buyer understands that the failure to give timely written
notice of cancellation prior to Midnight on the last day of the Lead-Based Paint Contingency Period shall constitute acceptance of the
condition of the Property as it relates to the presence of lead-based paint or lead-based paint hazards.
OREF-021 Lead-Based Paint Disclosure Addendum is attached to this Agreement.
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17. ESCROW: This transaction shall be Closed at
235
a neutral escrow located in the State of Oregon. Costs of Escrow shall be shared equally between Buyer and Seller, unless Buyer is financing
236
through Federal VA, in which case Seller shall pay all escrow costs.
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Unless otherwise provided herein, the parties agree as follows: Seller authorizes Listing Firm to order a preliminary title report and owner’s title
policy at Seller’s expense and further authorizes Escrow to pay out of the cash proceeds of sale the expense of furnishing such policy, Seller’s
recording fees, Seller’s Closing costs and any encumbrances on the Property payable by Seller on or before Closing. Buyer shall deposit with
Escrow sufficient funds necessary to pay Buyer’s recording fees, Buyer’s Closing costs, and lender’s fees, if any. Real estate fees, commissions or
other compensation for professional real estate services provided by Listing and/or Selling Firms shall be paid at closing in accordance with the
listing agreement, buyer service agreement or other written agreement for compensation.
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18. CLOSING: Closing shall occur on a date mutually agreed upon by Buyer and Seller, but in no event later than____________ ,
(“the Closing Deadline”). The terms "Closed", "Closing" or "Closing Date" shall mean when the deed or contract is recorded and funds
are available to Seller. Buyer and Seller acknowledge that for Closing to occur by the Closing Deadline, it may be necessary to execute
documents and deposit funds in Escrow prior to that date. Caveat: Section 7 above requires three (3) days prior to the Closing Deadline
if Escrow is to prepare a note and a deed of trust or mortgage.
Buyer Initials _____/_____ Date_____
("Escrow"),
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 5 of 10
Richard Mario
[email protected]
Page 5 of 17
OREF 001
Sale Agreement #
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19. POSSESSION: Seller shall remove all personal property (including trash and debris) that is not a part of this transaction, and deliver
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20. PRORATIONS: Prorates for rents, current year's taxes, interest on assumed obligations, and other prepaid expenses attributable to the
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21. SELLER POSSESSION AFTER CLOSING: In the event that Buyer and Seller have agreed that Seller will deliver possession after Closing,
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22. UTILITIES: Seller shall pay all utility bills accrued to date Buyer is entitled to possession. Buyer shall pay Seller for heating fuel then on
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23. HOME WARRANTIES: Home warranty plans may be available to help cover homeowner costs to repair/replace certain home systems and
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24. ESCROW DEPOSIT: Escrow is hereby instructed by Buyer and Seller as follows: (1) Upon your receipt of a copy of this Agreement marked
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25. EARNEST MONEY PAYMENT/REFUND: If (1) Seller does not approve this Agreement; or (2) Seller signs and accepts this Agreement but
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26. BINDING EFFECT/CONSENT: This Agreement is binding upon the heirs, personal representatives, successors and assigns of Buyer and
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27.1 SELLER ADVISORY: OREGON STATE TAX WITHHOLDING OBLIGATIONS. Subject to certain exceptions, Escrow is required to withhold a
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27.2 SELLER/BUYER ADVISORY: FIRPTA TAX WITHHOLDING OBLIGATIONS Seller is advised that upon Closing, Federal law, known as the
possession of the Property to Buyer (select one):
(1)
by 5:00 p.m. on Closing;
by _________________
a.m.
p.m. ______ days after Closing;
(2)
(3)
by ______________
a.m.
p.m. on the ___________ day of _____________,____________.
If a tenant is currently in possession of the Property (check one):
Buyer will accept tenant at closing;
Seller shall have full responsibility for
removal of tenant prior to closing.
Property shall be as of: (check one)
the Closing Date;
date Buyer is entitled to possession; or
.
Seller shall pay as consideration $____________ per day for each day after Closing that Seller is to remain in possession of the Property. Such
payment shall be made by Seller through Escrow at the time of Closing and no landlord-tenant relationship shall be created thereby, so long as
Seller's possession does not exceed 90 days after the date of Closing.
OREF-054 Agreement to Occupy After Closing, or Addendum ____________is attached to this Agreement.
premises, at Seller's supplier's rate on the possession date. Payment shall be handled between Buyer and Seller outside of Escrow.
appliances. (See specific plan for details.) Will a plan be purchased for Buyer as a part of this transaction?
Yes
No
If yes, identify plan and cost: __________________________________________ $ ____________To be paid at Closing by:
Buyer
Seller
"rejected" by Seller or upon Listing Firm's written advice that the offer is "rejected" by Seller, you are to refund all earnest money to Buyer. (2) Upon
your receipt of a copy of this Agreement signed by Buyer and Seller, set up an escrow account and proceed with Closing in accordance with the
terms of this Agreement. If you determine that the transaction cannot be Closed for any reason (whether or not there is then a dispute between
Buyer and Seller), subject only to Section 40 below, you are to hold all earnest money deposits until you receive written instructions from Buyer and
Seller, or a final ruling from a court or arbitrator, as to disposition of such deposits.
fails to furnish marketable title; or (3) Seller fails to complete this transaction in accordance with this Agreement, or perform any other act as herein
provided; or (4) any condition which Buyer has made an express contingency in this Agreement (and has not been otherwise waived) fails through
no fault of Buyer, then all earnest money shall be promptly refunded to Buyer. However, acceptance by Buyer of the refund shall not constitute a
waiver of other legal remedies available to Buyer. If Seller signs and accepts this Agreement and title is marketable; and (1) Buyer has
misrepresented Buyer's financial status; or (2) Buyer's bank does not pay, when presented, any check given as earnest money; or (3) Buyer fails to
redeem, when due, any note given as earnest money; or (4) Buyer fails to complete this transaction in accordance with this Agreement, or perform
any other act as herein provided, then all earnest money paid or agreed to be paid shall be paid to Seller either as liquidated damages or as
otherwise allowed under Oregon law, and this transaction shall be terminated. It is the intention of the parties that Seller’s sole remedy against
Buyer for Buyer’s failure to Close this transaction shall be limited to the amount of earnest money paid or agreed to be paid herein.
Seller. However, Buyer's rights under this Agreement or in the Property are not assignable without prior written consent of Seller.
portion of Seller’s proceeds if they are a non-resident individual or corporation as defined under Oregon law. Buyer and Seller agree to execute and deliver, as
appropriate, any instrument, affidavit or statement, and to perform any acts reasonable or necessary to carry out the provisions of Oregon law.
Foreign Investment in Real Property Tax Act ("FIRPTA"), allows an escrow company, if they agree, to withhold a portion of Seller’s proceeds if the real
property is located within the United States and Seller is a "foreign person." A "foreign person" includes a non-resident alien individual, foreign corporation,
foreign partnership, foreign trust and foreign estate .The amount deducted from Seller’s proceeds is ten percent (10%) of the gross sales price and is required
to be delivered over to the Internal Revenue Service (“IRS”) within twenty (20) days of the closing of the transaction. Buyer may become responsible for
payment if FIRPTA applies and Escrow is not instructed to withhold the funds. FIRPTA will not apply to this transaction so long as: (a) The sale price is
$300,000 or less; (b) The Property is to be used by Buyer as a residence; and, (c) Buyer is an individual. Where applicable, Buyer and Seller agree to execute
and deliver, as appropriate, any instrument, affidavit or statement, reasonably requested by Escrow to carry out the provisions of FIRPTA. NOTE: AT SECTION
12 OF THIS AGREEMENT, SELLER REPRESENTS THAT SELLER IS NOT A “FOREIGN PERSON” (HEREINAFTER “SELLER’S NON-FIRPTA STATUS”). IF SELLER IS
UNSURE, SELLER SHOULD FIRST CONFER WITH SELLER’S TAX COUNSEL OR CPA BEFORE ENTERING INTO THIS TRANSACTION. IN SUBMITTING THIS OFFER, BUYER
REPRESENTS THAT BUYER HAS NO KNOWLEDGE, INFORMATION, OR BELIEF THAT SELLER IS A FOREIGN PERSON OR THAT THIS TRANSACTION IS SUBJECT TO FIRPTA.
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 6 of 10
Richard Mario
[email protected]
Page 6 of 17
OREF 001
Sale Agreement #
300
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SELLER ACKNOWLEDGES THAT BUYER, LISTING AND SELLING LICENSEES, THEIR RESPECTIVE FIRMS, AND ESCROW, ITS AGENTS, EMPLOYEES AND
SELLER’S REPRESENTATION OF SELLER’S NON-FIRPTA STATUS AT SECTION 12, ABOVE.
THIS RIGHT OF RELIANCE SHALL CONTINUE THROUGH THE CLOSING DATE AND THEREAFTER, UNLESS SELLER HAS DISCLOSED OTHERWISE IN A WRITTEN COUNTEROFFER OR ADDENDUM TO THIS SALE AGREEMENT. IF AT ANY TIME DURING THIS TRANSACTION, IT IS DETERMINED THAT SELLER’S REPRESENTATION OF SELLER’S
NON-FIRPTA STATUS WAS INCORRECT, FOR ANY REASON, SELLER AND BUYER HEREBY APPOINT AND INSTRUCT ESCROW TO ACT AS THE QUALIFIED SUBSTITUTE
FOR BUYER AS DEFINED BY THE IRS, FOR PURPOSES OF PREPARING THE NECESSARY PAPERWORK, WITHHOLDING THE NECESSARY FUNDS, AND REMITTING THE
SAME TO THE IRS. IF FOR ANY REASON, ESCROW DECLINES TO ACT AS A QUALIFIED SUBSTITUTE, ESCROW IS REQUESTED TO PROMPTLY NOTIFY SELLER AND
BUYER IN A TIMELY MANNER SO THEY MAY MAKE OTHER ARRANGEMENTS PRIOR TO THE SCHEDULED CLOSING. SELLER AND BUYER ACKNOWLEDGE THAT IF
FIRPTA APPLIES TO THIS TRANSACTION, ESCROW’S ROLE AS A QUALIFIED SUBSTITUTE MAY RESULT IN A DELAY IN CLOSING THIS TRANSACTION. UNLESS
OTHERWISE PROVIDED IN THIS SALE AGREEMENT OR ANY SUBSEQUENT SIGNED WRITTEN AGREEMENT BETWEEN SELLER AND BUYER, CONFIRMATION OF SELLER’S
NON-FIRPTA STATUS IS NOT A CONTINGENCY IN THIS TRANSACTION.
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28. APPROVED USES: “THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT
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29. IRC 1031 EXCHANGE: In the event Buyer or Seller elects to complete an IRC 1031 exchange in this transaction, the other party agrees to
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334
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336
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30.1 LEVY OF ADDITIONAL PROPERTY TAXES: The Property: (check one)
339
340
341
30.2 HISTORIC PROPERTY DESIGNATION: If the Property is or may be subject to a Historic Property local ordinance or is subject to or may
qualify for the Historic Property Special Property Tax Assessment under ORS 358.475 to 358.565, Seller shall provide OREF-045 Historic
Property Addendum.
REPRESENTATIVES, SHALL HAVE THE ABSOLUTE RIGHT TO RELY UPON
PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY
NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS
DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE
SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11,
CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8,
OREGON LAWS 2010. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FREE TITLE TO THE PROPERTY
SHOUD CHECK WITH THE APPROPRATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING
TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF
THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF
NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300,195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424,
OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS
2010.”
cooperate with them and the accommodator, if any, in a manner necessary to complete the exchange, so long as it will not delay the Close of
escrow or cause additional expense or liability to the cooperating party. Unless otherwise provided herein, this provision shall not become a
contingency to the Closing of this transaction.
is
is not specially assessed for property taxes (e.g., farm,
forest or other) in a way which may result in levy of additional taxes in the future. If it is specially assessed, Seller represents that the Property is
current as to income or other conditions required to preserve its deferred tax status. If, as a result of Buyer's actions or the Closing of this
transaction, the Property either is disqualified from special use assessment or loses its deferred property tax status, unless otherwise specifically
provided in this Agreement, Buyer shall be responsible for and shall pay when due, any deferred and/or additional taxes and interest which may be
levied against the Property and shall hold Seller completely harmless therefrom. However, if as a result of Seller's actions prior to Closing, the
Property either is disqualified from its entitlement to special use assessment or loses its deferred property tax status, Buyer may, at Buyer’s sole
option, promptly terminate this transaction and receive a refund of all deposits paid by Buyer in anticipation of Closing; or Close this transaction and
hold Seller responsible to pay into Escrow all deferred and/or additional taxes and interest which may be levied or recaptured against the Property
and hold Buyer completely harmless therefrom. The preceding shall not be construed to limit Buyer’s or Seller’s available remedies or damages
arising from a breach of this Section 30.1.
DISPUTE RESOLUTION INVOLVING BUYER AND SELLER ONLY
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347
348
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31. DISPUTE RESOLUTION BETWEEN BUYER AND SELLER: Buyer and Seller agree that all claims, controversies and disputes between
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351
32. SMALL CLAIMS BETWEEN BUYER AND SELLER: Notwithstanding the following Sections, Buyer and Seller agree that all Claims that are
them, including those for rescission (hereinafter collectively referred to as "Claims"), relating directly or indirectly to this transaction, shall be
resolved in accordance with the procedures set forth herein, which shall expressly survive Closing or earlier termination of this Agreement.
Provided, however, the following matters shall not constitute Claims: (1) any proceeding to collect, interpret or enforce any mortgage, trust deed,
land sale contract or recorded construction lien; or (2) a forcible entry and detainer action (eviction). The filing in court for the issuance of any
provisional process or similar remedy described in the Oregon or Federal Rules of Civil Procedure shall not constitute a waiver of the right or duty
to utilize the dispute resolution procedures specified herein. In the event of any suit, action or arbitration relating to the enforcement or interpretation of
this Agreement, the matter shall be governed exclusively by Oregon law, and venue shall be placed in the State of Oregon for all purposes.
within the jurisdiction of the Small Claims Court shall be brought and decided there, in lieu of mediation, arbitration or litigation in any other forum.
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 7 of 10
Richard Mario
[email protected]
Page 7 of 17
OREF 001
Sale Agreement #
352
353
354
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356
357
358
33. MEDIATION BETWEEN BUYER AND SELLER: If Buyer or Seller were represented in this transaction by a Licensee whose principal
359
360
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362
363
364
365
366
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34. ARBITRATION BETWEEN BUYER AND SELLER: All Claims that have not been resolved by mediation, or otherwise, shall be submitted to
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35. ATTORNEY FEES IN CLAIMS BETWEEN BUYER AND SELLER: The prevailing party in any suit, action or arbitration (excluding those
broker is a member of the National Association of REALTORS®, all Claims shall be submitted to mediation in accordance with the procedures of the
Home Seller/Home Buyer Dispute Resolution System of the National Association of REALTORS®, or other organization-adopted mediation
program (collectively "the System"). Provided, however, if Licensee's principal broker is not a member of the National Association of REALTORS®
or the System is not available through the principal broker's Association of REALTORS®, then all Claims shall be submitted to mediation either
through: (1) the special mediation program administered by Arbitration Service of Portland (“ASP”), or (2) any other impartial private mediator(s) or
program(s) so long as such services are available in the county where the Property is located, as selected by the party first filing for mediation.
final and binding private arbitration in accordance with Oregon laws. Filing for arbitration shall be treated the same as filing in court for purposes of
meeting any applicable statutes of limitation or for purposes of filing a lis pendens. Buyer or Seller may file Claims either with ASP or, alternatively,
with any other professional arbitration service that has existing rules of arbitration, provided that the selected alternative service also uses
arbitrators who are in good standing with the Oregon State Bar, with expertise in real estate law and who can conduct the hearing in the county
where the Property is located. The arbitration service in which the Claim is first filed shall handle the case to its conclusion. BY CONSENTING TO
THIS PROVISION BUYER AND SELLER ARE AGREEING THAT DISPUTES ARISING UNDER THIS AGREEMENT SHALL BE HEARD AND
DECIDED BY ONE OR MORE NEUTRAL ARBITRATORS AND BUYER AND SELLER ARE GIVING UP THE RIGHT TO HAVE THE MATTER
TRIED BY A JUDGE OR JURY. THE RIGHT TO APPEAL AN ARBITRATION DECISION IS LIMITED UNDER OREGON LAW.
Claims filed in Small Claims Court) between Buyer and Seller shall be entitled to recovery of all reasonable attorney fees and costs and
disbursements as defined in ORCP 68 (including all filing and mediator fees paid in mediation). Provided, however, if a mediation service was
available to Buyer or Seller when the Claim arose, the prevailing party shall not be entitled to any award of attorney fees unless it is established to
the satisfaction of the arbitrator(s) or judge that the prevailing party offered or agreed in writing to participate in mediation prior to, or promptly upon,
the filing in arbitration or court.
DISPUTE RESOLUTION INVOLING LICENSEES OR FIRMS
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36. SMALL CLAIMS COURT AND ARBITRATION: All claims, controversies or disputes relating to this transaction, including those for
rescission, in which a Licensee or Firm identified in the Final Agency Acknowledgment Section above is named or included as a party, shall be
resolved exclusively as follows: (1) If within the jurisdictional limit of Small Claims Court, the matter shall be brought and decided there, in lieu of
arbitration or litigation in any other forum. (2) All other claims, controversies or disputes involving such Licensee or Firm shall be resolved through
final and binding arbitration using the arbitration selection process described in Section 34 above. Filing for arbitration shall be treated the same as
filing in court for purposes of meeting any applicable statutes of limitation or for purposes of filing a lis pendens. This Section 36 shall be in lieu of
litigation involving such Licensee or Firm in any other forum. Such Licensee or Firm may voluntarily participate in formal or informal mediation at
any time, but shall not be required to do so under this Section 36. This Section 36 shall not apply to those matters in which: (a) The claim,
controversy or dispute is exclusively between REALTORS® and is otherwise required to be resolved under the Professional Standards Arbitration
provisions of the National Association of REALTORS®; (b) Licensee or Firm has agreed to participate in alternative dispute resolution in a prior
written listing, service or fee agreement with Buyer or Seller, or (c) Licensee or Firm is Buyer or Seller in this transaction (in which case, Sections
31-35 shall apply). This Section 36 shall expressly survive Closing or earlier termination of this Agreement. In the event of any suit, action or
arbitration relating to the enforcement or interpretation of this Agreement, the matter shall be governed exclusively by Oregon law, and venue shall be placed
in the State of Oregon for all purposes. In the event that one or more Licensees and/or Firms have been named or included in any claims,
controversies or disputes that also include Buyer and/or Seller, the alternative dispute resolution and attorney fee provisions of Sections
31-35 above shall continue to apply to Buyer and/or Seller, and this Section 36 shall apply exclusively to Licensees and/or Firms.
37. RECEIPT FOR EARNEST MONEY: Selling Firm acknowledges receipt of earnest money from Buyer in the sum of $
evidenced by
CASH
CHECK
PROMISSORY NOTE payable as follows:
business
calendar days (check one) after mutual acceptance of this Agreement; or
on or before
,
;
Other form of earnest money:
________
.
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38. EARNEST MONEY INSTRUCTIONS: Buyer instructs Selling Firm, and Selling Firm agrees, to handle the earnest money as follows
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398
399
400
401
402
Hold any earnest money that is in the form of a check undeposited pending mutual acceptance of this Agreement and all agreed-upon counter
offers, after which time deposit it as provided herein within three (3) banking days.
Deposit any earnest money funds redeemed under a
promissory note with __________________________________________________________________.
Deposit in Selling Firm's client trust
account, and thereafter/or
Deposit with Escrow. In the event the earnest money is deposited in Selling Firm’s trust account or with Escrow
(collectively “the Deposit Holder”), and the Deposit Holder has arranged to have interest on such deposit transferred to a qualified public benefit
corporation for distribution to organizations and individuals for first time home-buying assistance and development of affordable housing pursuant to
(check all that apply):
Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 8 of 10
Richard Mario
[email protected]
Page 8 of 17
OREF 001
Sale Agreement #
403
404
405
406
407
ORS 696.241(6) or ORS 696.578(3), all parties acknowledge and agree that any interest accruing on the earnest money so deposited shall be
transferred in accordance with this provision. The preceding sentence shall be subject to any other statutes or regulations governing the
disposition of earnest money deposits.
SELLING LICENSEE AND SELLING FIRM SHALL HAVE NO FURTHER LIABILITY WITH RESPECT TO EARNEST MONEY WHICH THE
PARTIES HAVE AUTHORIZED TO BE TRANSFERRED TO A THIRD PARTY.
408
409
_________________________________________________________
Selling Firm
410
Office Address
411
412
413
414
415
39. PROPERTY DISCLOSURE LAW: Buyer and Seller acknowledge that unless this transaction is otherwise exempted, Oregon law provides
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417
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40. COUNTERPARTS/DELIVERY: This Agreement may be signed in multiple counterparts with the same legal effect as if all parties signed the
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41. AGREEMENT TO PURCHASE: Buyer agrees to purchase the Property upon the terms and conditions set forth in this Agreement.
Buyer acknowledges receipt of a completely filled in copy of this Agreement which Buyer has fully read and understands. Buyer
acknowledges that Buyer has not relied upon any oral or written statements made by Seller or any Licensee which are not expressly
contained in this Agreement. Neither Seller nor any Licensee(s) warrant the square footage of any structure or the size of any land being
purchased. If square footage or land size is a material consideration, all structures and land should be measured by Buyer prior to
signing or should be made an express contingency in this Agreement.
426
Deed or contract shall be prepared in the name of
427
428
429
430
This offer shall automatically expire on (insert date)
,
at
a.m.
p.m., (the Offer Deadline), if not
accepted by that time. Buyer may withdraw this offer before the Offer Deadline any time prior to Seller's acceptance. If Seller accepts this offer
after the Offer Deadline, it shall not be binding upon Buyer unless accepted by Buyer in writing within _____ business days (two [2] if not filled in)
after the date of Seller’s acceptance by so indicating at Section 45 below. This offer may be accepted by Seller only in writing.
431
Buyer
432
Buyer
433
Address
434
Phone Home
__________________________________________________ Selling Licensee Signature
Phone
FAX
that Buyer has a right to revoke Buyer’s offer by giving Seller written notice thereof (a) within five (5) business days after Seller’s delivery of Seller’s
Property Disclosure Statement (“the Statement”), or (b) at any time before Closing (as defined in the Oregon Administrative Rules) if Buyer does
not receive the Statement from Seller before Closing. Buyer may waive the right of revocation only in writing. Seller authorizes Listing Firm to
receive Buyer’s notice of revocation, if any, on Seller’s behalf.
same document. This shall mean that delivery (e.g., transmissions manually, by facsimile, electronic mail, overnight mail, first-class regular or
certified mail, etc.) of a legible true copy of a signed original of this Agreement, including but not limited to all addenda, counter offers, and legal
notices required thereunder, shall be treated the same as delivery of the original document.
.
Date
,
Date
a.m.
p.m. ,
a.m.
p.m. Zip
Work
E-mail
Fax
NO CHANGES OR ALTERATIONS ARE PERMITTED TO ANY PORTION OF THE PRE-PRINTED FORMAT OR TEXT OF THIS FORM. ANY
SUCH PROPOSED CHANGES OR ALTERATIONS SHOULD BE MADE ON A SEPARATE DOCUMENT. CHANGES BY SELLER OR LISTING
LICENSEE TO THE TERMS OR PROVISIONS ABOVE BUYER’S SIGNATURE SHOULD ALSO BE ON A SEPARATE DOCUMENT.
435
436
This offer was submitted to Seller for signature on the ______
day of
,
, at
a.m.
p.m.
By ________________________________________________________________________________________ (Licensee(s) presenting offer).
437
438
439
440
441
442
42. AGREEMENT TO SELL / ACKNOWLEDGEMENTS / DISPOSITION OF EARNEST MONEY: Seller accepts Buyer’s offer. Seller
acknowledges receipt of a completely filled-in copy of this Agreement, which Seller has fully read and understands. Seller
acknowledges that Seller has not relied upon any oral or written statements of Buyer or of any Licensee(s) which are not expressly
contained in this Agreement. Seller instructs that all earnest money distributable to Seller pursuant to Section 25 above, shall be
disbursed as follows after deduction of any title insurance and Escrow cancellation charges: (check one)
First to Listing Firm to the
extent of the agreed commission just as if the transaction had been Closed, with residue to Seller, or
.
443
Seller
Date
,
a.m.
p.m. 444
Seller
Date
,
a.m.
p.m. Buyer Initials _____/_____ Date_____
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 9 of 10
Richard Mario
[email protected]
Page 9 of 17
OREF 001
Sale Agreement #
445
Address
446
Phone Home
447
448
43. REJECTION/COUNTER OFFER: SELECT ONE:
449
Seller
Date
,
a.m.
p.m. 450
Seller
Date
,
a.m.
p.m. 451
Address
452
Phone Home
453
454
455
44. BUYER'S ACKNOWLEDGMENT: Buyer acknowledges receipt of a copy of Seller's written response to this Agreement. If Seller's response
is an acceptance of Buyer's offer that occurred after the Offer Deadline identified at Section 41 above, Buyer (select only one)
agrees
does
not agree, to be bound thereby. (The failure to check either box shall constitute rejection of Seller's acceptance after the Offer Deadline.)
456
Buyer
Date
,
a.m.
p.m. 457
Buyer
Date
,
a.m.
p.m. Zip
Work
E-mail
Fax
Seller does not accept the above offer, but makes the attached counter offer.
Seller rejects Buyer's offer.
458
45. FIRMS/LICENSEES:
459
Selling Licensee
460
Selling Firm Office Address
461
Phone
Zip
Work
E-mail
Fax
Selling Firm
Phone
E-mail
Fax
462
463
464
Listing Licensee
465
Listing Firm Office Address
Listing Firm
466
467
468
Phone
Buyer Initials _____/_____ Date_____
Phone
E-mail
Fax
Seller Initials _____/_____ Date_____
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE OF BUYER AND/OR SELLER AND DATE
Copyright Oregon Real Estate Forms, LLC 1998 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
RESIDENTIAL REAL ESTATE SALE AGREEMENT – Page 10 of 10
Richard Mario
[email protected]
Page 10 of 17
OREF 001
OREGON REAL ESTATE INITIAL AGENCY
DISCLOSURE PAMPHLET
OAR 863-015-215 (4)
Consumers: This pamphlet describes the legal obligations of Oregon real estate licensees to consumers. Real estate brokers and
principal real estate brokers are required to provide this information to you when they first contact you. A licensed real estate broker or
principal broker need not provide the pamphlet to a party who has, or may be reasonably assumed to have, received a copy of the
pamphlet from another broker.
This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an
agency relationship between you and a broker or a principal broker.
Real Estate Agency Relationships
An "agency" relationship is a voluntary legal relationship in which a licensed real estate broker or principal broker (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 all 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.
Definition of “Confidential Information”
Generally, licensees must maintain confidential information about their clients. “Confidential information” is information
communicated to a real estate licensee or the licensee’s agent by the buyer or seller of one to four residential units regarding the
real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential
information” does not mean information that:
1.
2.
The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the seller, or the seller instructs the
licensee or the licensee’s agent to disclose about the seller to the buyer; and
The licensee or the licensee’s agent knows or should know failure to disclose would constitute fraudulent representation.
Duties and Responsibilities of Seller’s Agent
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 represents only the seller owes the following affirmative duties to the
seller, the other parties and the other parties’ agents involved in a real estate transaction:
1.
2.
3.
To deal honestly and in good faith;
To present all written offers, notices and other communications to and from the parties in a timely manner without regard
to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
To disclose material facts known by the agent and not apparent or readily ascertainable to a party;
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC
Provided by Oregon Real Estate Forms, LLC 9/9/2013
www.orefonline.com
May not be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
OREF 042
Page 1 of 3
Page 11 of 17
A seller’s agent owes the seller the following affirmative duties;
1.
2.
3.
4.
5.
6.
To exercise reasonable care and diligence;
To account in a timely manner for money and property received from or on behalf of the seller;
To be loyal to the seller by not taking action that is adverse or detrimental to the seller’s interest in a transaction;
To disclose in a timely manner to the seller any conflict of interest, existing or contemplated;
To advise the seller to seek expert advice on matters related to the transactions that are beyond the agent's expertise;
To maintain confidential information from or about the seller except under subpoena or court order, even after
termination of the agency relationship; and
7. Unless agreed otherwise in writing, 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.
None of the above affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived
by written agreement between seller 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.
Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent's expertise,
including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with
law.
Duties and Responsibilities of Buyer’s Agent
An agent, other than the seller’s agent, may agree to act as the buyer’s agent only. The buyer’s agent is not representing the seller,
even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the
seller’s agent.
An agent who represents only the buyer owes the following affirmative duties to the buyer, the other parties and the other parties’
agents involved in a real estate transaction:
1.
2.
3.
To deal honestly and in good faith;
To present all written offers, notices and other communications to and from the parties in a timely manner without regard
to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
To disclose material facts known by the agent and not apparent or readily ascertainable to a party.
A buyer’s agent owes the buyer the following affirmative duties:
1.
2.
3.
4.
5.
6.
7.
To exercise reasonable care and diligence;
To account in a timely manner for money and property received from or on behalf of the buyer;
To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction;
To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated;
To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise;
To maintain confidential information from or about the buyer except under subpoena or court order, even after termination
of the agency relationship; and
Unless agreed otherwise in writing, 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.
None of these affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived by
written agreement between buyer and agent.
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC
Provided by Oregon Real Estate Forms, LLC 9/9/2013
www.orefonline.com
May not be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
OREF 042
Page 2 of 3
Page 12 of 17
Under Oregon law, a buyer’s agent may show properties in which the buyer is interested to other prospective buyers without
breaching an 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,
including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance
with law.
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 and buyer(s).
Disclosed Limited Agents have the following duties to their clients:
1. To the seller, the duties listed above for a seller’s agent; and
2. To the buyer, the duties listed above for a buyer’s agent;
3. To both buyer and seller, except with express written permission of the respective person, the duty not to disclose to
the other person:
a. That the seller will accept a price lower or terms less favorable than the listing price or terms;
b. That the buyer will pay a price greater or terms more favorable than the offering price or terms; or
c. Confidential information as defined above.
Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise.
When different agents associated with the same principal broker (a real estate licensee who supervises other agents) establish
agency relationships with different parties to the same transaction, only the principal broker will act as a Disclosed Limited
Agent for both buyer and seller. The other agents continue to represent only the party with whom the agents have already
established an agency relationship unless all parties agree otherwise in writing. The principal real estate broker and the real
estate licensees representing either seller or buyer shall owe the following duties to the seller and buyer:
1.
2.
3.
To disclose a conflict of interest in writing to all parties;
To take no action that is adverse or detrimental to either party's interest in the transaction; and
To obey the lawful instruction of both parties.
No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose
would constitute fraudulent misrepresentation.
You are encouraged to discuss the above information with the licensee delivering this pamphlet to you. If you intend
for that licensee, or any other Oregon real estate licensee, to represent you as a Seller's Agent, Buyer's Agent, or
Disclosed Limited Agent, you should have a specific discussion with the agent about the nature and scope of the
agency relationship. Whether you are a buyer or seller, you cannot make a licensee your agent without the licensee’s
knowledge and consent, and an agent cannot make you their client without your knowledge and consent.
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC
Provided by Oregon Real Estate Forms, LLC 9/9/2013
www.orefonline.com
May not be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
OREF 042
Page 3 of 3
Page 13 of 17
SELLER’S PROPERTY DISCLOSURE STATEMENT
Property Address
INSTRUCTIONS TO THE SELLER
1
Please complete the following form. Do not leave any spaces blank. Please refer to the line number(s) of the question(s) when you provide your
2
explanation(s). If you are not claiming an exclusion or refusing to provide the form under ORS 105.475 (4), you should date and sign each page of this
3
disclosure statement and each attachment.
4
Each seller of residential property described in ORS 105.465 must deliver this form to each buyer who makes a written offer to purchase. Under ORS 105.475
5
(4), refusal to provide this form gives the buyer the right to revoke their offer at any time prior to closing the transaction. Use only the section(s) of the form that
6
apply to the transaction for which the form is used. If you are claiming an exclusion under ORS 105.470, fill out only Section 1.
7
An exclusion may be claimed only if the seller qualifies for the exclusion under the law. If not excluded, the seller must disclose the condition of the property or
8
the buyer may revoke their offer to purchase anytime prior to closing the transaction. Questions regarding the legal consequences of the seller's choice should
9
be directed to a qualified attorney.
10
DO NOT FILL OUT THIS SECTION UNLESS YOU ARE CLAIMING AN EXCLUSION UNDER ORS 105.470
11
Section 1. EXCLUSION FROM ORS 105.465 TO 105.490:
12
You may claim an exclusion under ORS 105.470 only if you qualify under the statute. If you are not claiming an exclusion, you must fill out Section 2 of this
13
form completely.
14
Initial only the exclusion you wish to claim.
15
This is the first sale of a dwelling never occupied. The dwelling is constructed or installed under building or installation permit(s) #
16
issued by
.
17
This sale is by a financial institution that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure.
18
The seller is a court appointed (Check only one):
19
This sale or transfer is by a governmental agency.
20
Signature(s) of Seller(s) Claiming Exclusion
21
Seller
22
Signature(s) of Buyer(s) Acknowledging Seller’s Claim
23
Buyer
Date
Date
24
receiver
personal representative
trustee
conservator
guardian
Seller
Date
Buyer
Date
IF YOU DID NOT CLAIM AN EXCLUSION IN SECTION 1, YOU MUST FILL OUT THIS SECTION.
25
Section 2. SELLER'S PROPERTY DISCLOSURE STATEMENT
26
(NOT A WARRANTY) (ORS 105.465)
27
NOTICE TO THE BUYER: THE FOLLOWING REPRESENTATIONS ARE MADE BY THE SELLER(S) CONCERNING THE CONDITION OF THE
28
PROPERTY LOCATED AT
29
DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER'S ACTUAL KNOWLEDGE OF THE
30
PROPERTY AT THE TIME OF DISCLOSURE. BUYER HAS FIVE BUSINESS DAYS FROM THE SELLER'S DELIVERY OF THIS SELLER'S
31
DISCLOSURE STATEMENT TO REVOKE BUYER'S OFFER BY DELIVERING BUYER'S SEPARATE SIGNED WRITTEN STATEMENT OF
“THE PROPERTY."
32
REVOCATION TO THE SELLER DISAPPROVING THE SELLER'S DISCLOSURE STATEMENT, UNLESS BUYER WAIVES THIS RIGHT AT OR PRIOR
33
TO ENTERING INTO A SALE AGREEMENT.
34
FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY, BUYER IS ADVISED TO OBTAIN AND PAY
35
FOR THE SERVICES OF A QUALIFIED SPECIALIST TO INSPECT THE PROPERTY ON BUYER'S BEHALF INCLUDING, FOR EXAMPLE, ONE OR
36
MORE OF THE FOLLOWING: ARCHITECTS, ENGINEERS, PLUMBERS, ELECTRICIANS, ROOFERS, ENVIRONMENTAL INSPECTORS, BUILDING
37
INSPECTORS, CERTIFIED HOME INSPECTORS, OR PEST AND DRY ROT INSPECTORS.
38
Seller
is
is not occupying the property.
I.
SELLER
SELLER’S REPRESENTATIONS:
Date
SELLER
Date
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE AND DATE
Copyright Oregon Real Estate Forms, LLC 2000 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
Buyer Initials _____/_____ Date_____
OREF 020-1
Page 14 of 17
SELLER’S PROPERTY DISCLOSURE STATEMENT
Property Address
39
40
41
The following are representations made by the seller and are not the representations of any financial institution that may have made or may make a loan
pertaining to the property, or that may have or take a security interest in the property, or any real estate licensee engaged by the seller or the buyer.
*If you mark yes on items with *, attach a copy or explain on an attached sheet.
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
1. TITLE
A.
Do you have legal authority to sell the property? ..................................................................................... Yes
*B.
Is title to the property subject to any of the following: ............................................................................... Yes*
First right of refusal
Option
Lease or rental agreement
Other listing
Life estate
*C
Is the property being transferred an unlawfully established unit of land? ................................................ Yes*
*D.
Are there any encroachments, boundary agreements, boundary disputes or
recent boundary changes?....................................................................................................................... Yes*
*E.
Are there any rights of way, easements, licenses, access limitations or
claims that may affect your interest in the property? ................................................................................ Yes*
*F.
Are there any agreements for joint maintenance of an easement or right of way? ................................. Yes*
*G.
Are there any governmental studies, designations, zoning overlays, surveys
or notices that would affect the property?................................................................................................. Yes*
*H.
Are there any pending or existing governmental assessments against the property? ........................... Yes*
*I.
Are there any zoning violations or nonconforming uses? ........................................................................ Yes*
*J.
Is there a boundary survey for the property? ........................................................................................... Yes*
*K.
Are there any covenants, conditions, restrictions or private assessments that affect the property? .............. Yes*
*L.
Is the property subject to any special tax assessment or tax treatment that may
result in levy of additional taxes if the property is sold?............................................................................ Yes*
2. WATER
A.
Household water
(1) The source of the water is (check ALL that apply):
Public
Community
Private
Other
(2) Water source information:
*a) Does the water source require a water permit?...................................................................... Yes*
If yes, do you have a permit?.................................................................................................. Yes
*b) Is the water source located on the property?.......................................................................... Yes*
*If not, are there any written agreements for a shared water source? ................................... Yes*
*c) Is there an easement (recorded or unrecorded) for your access to or
maintenance of the water source? ......................................................................................... Yes*
d) If the source of water is from a well or spring, have you had any of
the following in the past 12 months? ...................................................................................... Yes
Flow test
Bacteria test
Chemical contents test
*e) Are there any water source plumbing problems or needed repairs? ..................................... Yes*
(3) Are there any water treatment systems for the property? ............................................................... Yes
Leased
Owned
B.
Irrigation
(1) Are there any
water rights or
other rights for the property?.................................................. Yes
* (2) If any exist, has the irrigation water been used during the last five-year period? ........................... Yes*
* (3) Is there a water rights certificate or other written evidence available? ............................................ Yes*
C.
Outdoor sprinkler system
(1) Is there an outdoor sprinkler system for the property? .................................................................... Yes
(2) Has a back flow valve been installed?............................................................................................. Yes
(3) Is the outdoor sprinkler system operable?....................................................................................... Yes
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
No
No
Unknown
Unknown
No
Unknown
No
Unknown
No
No
Unknown
Unknown
No
No
No
No
No
Unknown
Unknown
Unknown
Unknown
Unknown
No
Unknown
No
No
No
No
Unknown
Unknown
Unknown
Unknown
No
Unknown
No
Unknown
No
No
Unknown
Unknown
No
No
No
Unknown
Unknown
Unknown
NA
NA
No
No
No
Unknown
Unknown
Unknown
NA
NA
Unknown
Unknown
Unknown
Unknown
NA
Unknown
Unknown
Unknown
NA
NA
NA
Unknown
Unknown
Unknown
Unknown
Unknown
Unknown
NA
NA
NA
NA
3. SEWAGE SYSTEM
A
Is the property connected to a public or community sewage system? .................................................... Yes
No
B.
Are there any new public or community sewage systems proposed for the property? ........................... Yes
No
C.
Is the property connected to an on-site septic system? ....................................................................... Yes
No
(1) If yes, when was the system installed? ........................................................................................ ____________
(2) *If yes, was the system installed by permit?
(3) *Has the system been repaired or altered? ........................................................................................ Yes*
No
(4) *Has the condition of the system been evaluated and a report issued? .......................................... Yes
No
(5) Has the septic tank ever been pumped? ............................................................................................ Yes
No
If yes, when?
NA
(6) Does the system have a pump?
Yes
No
(7) Does the system have a treatment unit such as a sand filter or an aerobic unit?
Yes
No
(8) *Is a service contract for routine maintenance required for the system?
Yes
No
(9) Are all components of the system located on the property?
Yes
No
*D.
Are there any sewage system problems or needed repairs? .................................................................. Yes*
No
E.
Does your sewage system require on-site pumping to another level? ................................................. Yes
No
SELLER
Date
SELLER
Date
NA
NA
NA
NA
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE AND DATE
Copyright Oregon Real Estate Forms, LLC 2000 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
Buyer Initials _____/_____ Date_____
OREF 020-2
Page 15 of 17
SELLER’S PROPERTY DISCLOSURE STATEMENT
Property Address
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
4. DWELLING INSULATION
A.
Is there insulation in the:
(1) Ceiling?................................................................................................................................................
(2) Exterior walls? .....................................................................................................................................
(3) Floors?.................................................................................................................................................
B.
Are there any defective insulated doors or windows?..............................................................................
Yes
Yes
Yes
Yes
No
No
No
No
Unknown
Unknown
Unknown
Unknown
5. DWELLING STRUCTURE
*A.
Has the roof leaked?................................................................................................................................. Yes*
No
Unknown
If yes, has it been repaired? ..................................................................................................................... Yes
No
Unknown
B.
Are there any additions, conversions or remodeling?.............................................................................. Yes
No
Unknown
If yes, was a building permit required? ..................................................................................................... Yes
No
Unknown
No
Unknown
If yes, was a building permit obtained? .................................................................................................... Yes
If yes, was final inspection obtained? ....................................................................................................... Yes
No
Unknown
C.
Are there smoke alarms or detectors? ..................................................................................................... Yes
No
Unknown
D.
Are there carbon monoxide alarms?
... Yes
No
Unknown
E.
Is there a woodstove or fireplace insert included in the sale?
... Yes
No
Unknown
*If yes, what is the make?
*If yes, was it installed with a permit? ....................................................................................................... Yes*
No
Unknown
*If yes, is a certification label issued by the United States Environmental Protection Agency (EPA) or the
Department of Environmental Quality (DEQ) affixed to it? ...................................................................... Yes*
No
Unknown
*F.
Has pest and dry rot, structural or "whole house" inspection been done within the last three years?............. Yes*
No
Unknown
*G.
Are there any moisture problems, areas of water penetration, mildew odors
or other moisture conditions (especially in the basement)? ..................................................................... Yes*
No
Unknown
*If yes, explain on attached sheet the frequency and extent of problem and any insurance claims, repairs or remediation done.
H.
Is there a sump pump on the property? ................................................................................................... Yes
No
Unknown
I.
Are there any materials used in the construction of the structure that are or
have been the subject of a recall, class action suit, settlement or litigation? ........................................... Yes
No
Unknown
If yes, what are the materials?
(1) Are there problems with the materials? ........................................................................................... Yes
No
Unknown
(2) Are the materials covered by a warranty? ....................................................................................... Yes
No
Unknown
(3) Have the materials been inspected? ............................................................................................... Yes
No
Unknown
(4) Have there ever been claims filed for these materials by you or by previous owners?.................. Yes
No
Unknown
If yes, when?
(5) Was money received? ..................................................................................................................... Yes
No
Unknown
(6) Were any of the materials repaired or replaced? ............................................................................ Yes
No
Unknown
136
6. DWELLING SYSTEMS AND FIXTURES
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
If the following systems or fixtures are included in the purchase price, are they in good working order on the date this form is signed?
A.
Electrical system, including wiring, switches, outlets and service ............................................................ Yes
No
B.
Plumbing system, including pipes, faucets, fixtures and toilets ............................................................... Yes
No
C.
Water heater tank ..................................................................................................................................... Yes
No
D.
Garbage disposal...................................................................................................................................... Yes
No
Built-in range and oven............................................................................................................................. Yes
No
F.
Built-in dishwasher.................................................................................................................................... Yes
No
G.
Sump pump .............................................................................................................................................. Yes
No
No
H.
Heating and cooling systems ................................................................................................................... Yes
I.
Security system
Owned
Leased..................................................................................................
Yes
No
J.
Are there any materials or products used in the systems and fixtures
that are or have been the subject of a recall, class action settlement or other litigations? ............. Yes
No
If yes, what product?
(1) Are there problems with the product?.............................................................................................. Yes
No
(2) Is the product covered by a warranty? ............................................................................................ Yes
No
(3) Has the product been inspected?.................................................................................................... Yes
No
(4) Have claims been filed for this product by you or by previous owners? ......................................... Yes
No
If yes, when?
(5) Was money received? ..................................................................................................................... Yes
No
(6) Were any of the materials or products repaired or replaced? ......................................................... Yes
No
SELLER
Date
SELLER
Unknown
Unknown
Unknown
Unknown
Unknown
Unknown
Unknown
Unknown
Unknown
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA.
NA
NA
NA
NA
NA
Unknown
Unknown
Unknown
Unknown
Unknown
NA
NA
NA
NA
Unknown
Unknown
NA
NA
Date
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE AND DATE
Copyright Oregon Real Estate Forms, LLC 2000 – 2014
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
Buyer Initials _____/_____ Date_____
OREF 020-3
Page 16 of 17
158
159
7. COMMON INTEREST
A.
Is there a Home Owners' Association or other governing entity? ............................................................
Yes
No
Unknown
Name of Association or Other Governing Entity
160
161
Contact Person
162
163
164
165
166
167
168
169
170
Address
Regular periodic assessments: $
per
Month
Year
Other
Are there any pending or proposed special assessments? .....................................................................
Are there shared "common areas" or joint maintenance agreement for facilities like walls, fences,
pools, tennis courts, walkways or other areas co-owned in undivided interest with others?...................
Is the Home Owners' Association or other governing entity a party to
pending litigation or subject to an unsatisfied judgment?.........................................................................
Is the property in violation of recorded covenants, conditions and
restrictions or in violation of other bylaws or governing rules, whether recorded or not? ........................
B.
*C.
D.
E.
F.
Phone Number
Yes*
No
Unknown
Yes
No
Unknown
Yes
No
Unknown
NA
Yes
No
Unknown
NA
Yes
Yes
No
No
Unknown
Unknown
Yes
Yes
Yes
No
No
No
Unknown
Unknown
Unknown
Yes*
Yes
Yes
Yes*
Yes
No
No
No
No
No
Unknown
Unknown
Unknown
Unknown
Unknown
171
172
173
174
175
176
177
178
179
180
181
182
183
184
8. GENERAL
A.
Are there problems with settling, soil, standing water or drainage on
the property or in the immediate area? ....................................................................................................
B.
Does the property contain fill? ..................................................................................................................
C.
Is there any material damage to the property or any of the structure(s)
from fire, wind, floods, beach movements, earthquake, expansive soils or landslides? .........................
D.
Is the property in a designated floodplain?...............................................................................................
E.
Is the property in a designated slide or other geologic hazard zone?......................................................
*F.
Has any portion of the property been tested or treated for asbestos, formaldehyde, radon, gas,
lead-based paint, mold, fuel or chemical storage tanks or contaminated soil or water? .........................
G.
Are there any tanks or underground storage tanks (e.g., septic, chemical, fuel, etc.) on the property? .
H.
Has the property ever been used as an illegal drug manufacturing or distribution site? ...............................
*If yes, was a Certificate of Fitness issued? .............................................................................................
I.
Has the property been classified as forestland-urban interface?.............................................................
185
186
187
188
9. FULL DISCLOSURE BY SELLER(S)
*A.
Are there any other material defects affecting this property or its value that
a prospective buyer should know about?................................................................................................. Yes*
No
If yes, describe the defect on attached sheet and explain the frequency and extent of the problem and any insurance claims, repairs or remediation?
NA
VERIFICATION
189
190
191
The foregoing answers and attached explanations (if any) are complete and correct to the best of my/our knowledge and I/we have received a copy of this disclosure
statement. I/we authorize my/our agents to deliver a copy of this disclosure statement to all prospective buyers of the property or their agents.
_______ (complete even if zero) Number of pages of explanations are attached.
192
Seller
Date
Seller
Date
II. BUYER’S ACKNOWLEDGMENT:
193
194
195
196
197
198
199
200
201
A.
202
203
204
205
206
207
DISCLOSURES, IF ANY, CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER'S ACTUAL KNOWLEDGE OF
THE PROPERTY AT THE TIME OF DISCLOSURE. IF THE SELLER HAS FILLED OUT SECTION 2 OF THIS FORM, YOU, THE BUYER, HAVE FIVE
BUSINESS DAYS FROM THE SELLER'S DELIVERY OF THIS DISCLOSURE STATEMENT TO REVOKE YOUR OFFER BY DELIVERING YOUR
SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER DISAPPROVING THE SELLER'S DISCLOSURE UNLESS YOU
WAIVE THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.
BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS SELLER'S PROPERTY DISCLOSURE STATEMENT.
208
Buyer
209
210
Licensee receiving disclosure statement on buyer's behalf to sign and date:
Real Estate Licensee Date received by Licensee
B.
C.
As buyer(s), I/we acknowledge the duty to pay diligent attention to any material defects that are known to me/us or can be known by me/us by utilizing
diligent attention and observation.
Each buyer acknowledges and understands that the disclosures set forth in this statement and in any amendments to this statement are made only by
the seller and are not the representations of any financial institution that may have made or may make a loan pertaining to the property, or that may
have or take a security interest in the property, or of any real estate licensee engaged by the seller or buyer. A financial institution or real estate
licensee is not bound by and has no liability with respect to any representation, misrepresentation, omission, error or inaccuracy contained in another
party's disclosure statement required by this section or any amendment to the disclosure statement.
Buyer (which term includes all persons signing the "Buyer's Acknowledgment" portion of this disclosure statement below) hereby acknowledges receipt
of a copy of this disclosure statement (including attachments, if any) bearing seller's signature(s).
Date
211
Buyer
Date
Real Estate Firm
This form has been licensed for use solely by UserName pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
LINES WITH THIS SYMBOL REQUIRE A SIGNATURE AND DATE
Copyright Oregon Real Estate Forms, LLC 2000 – 2014
Buyer Initials _____/_____ Date_____
www.orefonline.com
No portion may be reproduced without express permission of Oregon Real Estate Forms, LLC
Richard Mario
[email protected]
OREF 020-4
Page 17 of 17