Earnest Money Agreement
More than 40 Years of Real Estate Law Practice in Yamhill County, Washington County, Clackamas County, Marion County, and Polk County, State of Oregon.
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At times, you may find yourself in situations or with problems that you cannot resolve on your own. Our legal counseling is designed to assist you and your family with courtesy and respect in such difficult periods. Knowledgeable advice acquired from decades of legal experience can help you formulate a course of action to free yourself from a complex legal maze.
Larry K. Gray & Associates, PC
An Earnest Money Agreement is a contract between the owner of real estate and a potential buyer who wants to purchase the real estate. The process usually starts with the buyer making a written offer with specific terms under which the buyer is willing to purchase. The buyer offers the terms in a proposed Earnest Money Agreement to the real estate owner. The written offer needs to include details of the terms and of conditions under which the buyer is willing to purchase.
Some of the basic terms and conditions of the Earnest Money Agreement are:
- A proper description of the real estate;
- The purchase price and how the purchase price will be paid;
- The amount of earnest money paid by the buyer, and when the buyer has a right to terminate the contract and recover the earnest money;
- Where escrow will occur, and when the transaction is to be completed (Closing);
- The right of the buyer to have a specific periods of time to do due diligence investigations of the real estate (identifying the buyer’s expectations of conditions that must be met related to valuation, physical inspection and condition, examination of title, and/or availability of financing) to determine if the expectations of the buyer can be met;
- The rights, if any, of the seller to cure any of the defects found by the buyer; an
- What constitutes a breach of contract (non-performance) by the seller or buyer, and what are the remedies available to the non-breaching party.
For a knowledgeable, experienced, and cost-effective
Real Estate Attorney, contact
Larry K. Gray & Associates, P.C.
Larry K. Gray has been helping
real estate clients for more than 40 years.
Larry K. Gray & Associate, P.C.
404 East First Street
Phone: (503) 538-1350
Newberg, Oregon 97132
The information on this website is not intended to be legal advice regarding your particular legal problem, and the presentation of this information does not create an attorney-client relationship. An attorney-client relationship will only exist after a mutual agreement to establish an attorney-client relationship.