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Real Estate Contract Long Form. This is a Washington form and can be use in Limited Practice Board Statewide.
Tags: Real Estate Contract Long Form, LPB 45-05(ir-l), Washington Statewide, Limited Practice Board
LPB 45-05(ir) rev. 3/2009 Page 1 of 20 When recorded return to: REAL ESTATE CONTRACT (LONG FORM) I. SPECIFIC TERMS A. PARTIES, PROPERTY, AND PURCHASE PRICE Date: Seller: Seller's Address: Purchaser: Purchaser222s Address: Real Property Legal Description: Abbreviated Legal: (Required if full legal not inserted above.) Tax Parcel Number(s): American LegalNet, Inc. www.FormsWorkFlow.com LPB 45-05(ir) rev. 3/2009 Page 2 of 20 Personal Property: Title to be Conveyed: Form of Deed: Title Exceptions (include leases): Amount Which Has Been Paid to Seller: $ US Balance Due: $ US Purchaser to Pay to Seller: $ US Purchaser to Pay Directly to Holders of Prior Encumbrances: $ US TOTAL PURCHASE PRICE: $ US B. TERMS OF DEFERRED AMOUNT TO BE PAID TO SELLER Interest Rate: percent per annum Interest Beginning Date: Installment Periods: First Installment Date: Installment Amounts: Final Payment Date: Default Rate: percent per annum Late Charge: American LegalNet, Inc. www.FormsWorkFlow.com LPB 45-05(ir) rev. 3/2009 Page 3 of 20 Prepayment Provisions: Prepayment Premium: Address to Which Installment Amounts are to be Sent: C. TERMS OF PRIOR ENCUMBRANCES Prior Encumbrance: To be Paid by: 1 001 Seller 001 Purchaser Current Holder: Original Principal Amount: $ US Interest Rate: percent per annum Current Principal Balance: $ US Payment Dates: Amount of Each Payment: $ US Secured by: Dated Recorded on Recording No. American LegalNet, Inc. www.FormsWorkFlow.com LPB 45-05(ir) rev. 3/2009 Page 4 of 20 Prior Encumbrance: To be Paid by: 2 001 Seller 001 Purchaser Current Holder: Original Principal Amount: $ US Interest Rate: percent per annum Current Principal Balance: $ US Payment Dates: Amount of Each Payment: $ US Secured by: Dated Recorded on Recording No. Prior Encumbrance: To be Paid by: 3 001 Seller 001 Purchaser Current Holder: Original Principal Amount: $ US Interest Rate: percent per annum Current Principal Balance: $ US Payment Dates: Amount of Each Payment: $ US Secured by: Dated Recorded on Recording No. American LegalNet, Inc. www.FormsWorkFlow.com LPB 45-05(ir) rev. 3/2009 Page 5 of 20 D. MISCELLANEOUS Portion of Purchase Price Allocated to Real Property: $ US Portion of Purchase Price Allocated to Personal Property: $ US Is the property to be used principally for agricultural or farming purposes? 001 Yes 001 No Miscellaneous: (Identify any Exhibits attached) II. GENERAL TERMS 1. AGREEMENT OF SALE. The Seller agrees to sell and the Purchaser agrees to purchase all that certain Real Property and Personal Property described in this contract and all of the Seller's improvements, fixtures, timber, and crops currently and hereafter located thereon (herein collectively the "Property"), subject to the Title Exceptions listed in the Specific Terms hereof, to any of the Prior Encumbrances so listed which are not required to be discharged by the Seller prior to or at the time of the delivery of the Seller's deed to the Purchaser, and to any rights, titles, estates, leases, encumbrances, and other interests suffered or created by the Purchaser, all for the considerations and subject to the terms, covenants, and conditions herein contained. 2. PURCHASE PRICE. The Purchaser agrees to pay the Purchase Price to the order of the Seller in the manner set forth in the Specific Terms. The deferred portion of the Purchase Price which the Purchaser is to pay to the Seller shall be paid in the Installment Amounts, commencing on the First Installment Date and continuing on the same day of each Installment Period thereafter until the Final Payment Date, at which time all outstanding principal, together with accrued and unpaid interest thereon, shall be due and payable. Each payment of the Installment Amounts shall be first applied against the costs, expenses, and late charges for which the Purchaser is then liable hereunder, secondly against interest, and thirdly against the principal then due to the Seller. Interest shall commence on the date set forth in Specific Terms under Paragraph I(B), and continue to accrue until the Seller receives all of the principal, and any sums not paid within 15 days after their respective due dates shall bear the Late Charge set forth in the Specific Terms. At any time during the term of this contract, the Seller or the Purchaser shall have the right to require that all subsequent payments of Installment Amounts and sums for any tax or insurance reserve accounts be made through an escrow or collection account, the costs of which shall be borne by the requesting party unless otherwise agreed. American LegalNet, Inc. www.FormsWorkFlow.com LPB 45-05(ir) rev. 3/2009 Page 6 of 20 3. PRIOR ENCUMBRANCES. If this contract is being executed subject to any Prior Encumbrance, the Purchase Price is partially comprised of the principal due under the Prior Encumbrances as of the date hereof. The Seller hereby represents to the Purchaser that no Prior Encumbrance provides that it will become in default or accelerated or the interest rate thereon adjusted above the interest rate stated therefor in the Specific Terms hereof because of the execution, delivery, and recordation of this contract. The Purchaser agrees with the Seller to comply with all of the terms of the Prior Encumbrances, including such obligations as may be in addition to those contained in or which may otherwise limit its rights under this contract, and the Purchaser hereby agrees to defend and indemnify the Seller from and against all losses, claims, demands, and allegations arising as a result of the Purchaser's failure to comply with the Prior Encumbrances. In the event either of the parties hereto gives or receives a written notice to or from the holder of a Prior Encumbrance it will promptly transmit a copy of such notice to the other. The Specific Terms of this contract indicate the person responsible for tendering the amounts due to the holders of the Prior Encumbrances, and the two subparagraphs (a) and (b) immediately following this paragraph apply to said payments to be made by the Purchaser or the Seller, respectively. (a) Purchaser Pays Directly. If it is indicated in the Specific Terms of this contract that the Purchaser is to pay any Prior Encumbrances directly to the holder thereof, the Purchaser hereby assumes and covenants and agrees with the Seller to make such payments on their respective due dates and any failure of the Purchaser to do so shall constitute a default under this contract. Said payments shall be in addition to the Installment Amounts. The Purchaser shall be solely responsible for paying any reserve amounts for taxes, insurance premiums, or other purposes to which the holder of any Prior Encumbrance is entitled. (b) Seller Pays If Purchaser Is Not In Default. If it is indicated in the Specific Terms of this contract that the Seller is to continue to pay any Prior Encumbrances, the Installment Amounts include amounts to be used to make payments on said Prior Encumbrances (Wrapped Encumbrances). The Purchaser, in addition to the installments of principal and interest herein above provided for, and to the extent required from time to time by the holders of the Wrapped Encumbrances, shall pay to the Seller with and in addition to each of the Installment Amounts hereunder an amount sufficient to satisfy all tax, insurance, and other reserve deposits to which such holder is entitled and which are payable prior to the next due date of said installments. So long as the Purchaser is in no manner in default hereunder, the Seller shall make or cause to be made all of the payments of principal, interest, and any reserve deposits required under the Wrapped Encumbrances as they become due and in accordance with their respective payment terms. The Purchaser shall not attempt to make any payment directly to the holder of any Wrapped Encumbrance or to in any way modify the terms thereof prior to the satisfaction of that portion of the indebtedness evidenced hereby which is to be retained by the Seller; provided, however, if the Seller fails to make any payment when due under any Wrapped Encumbrance the Purchaser may, upon first giving the Seller 15 days' written notice of its i