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Reservation Instrument RE 612 - California

Reservation Instrument Form. This is a California form and can be used in Subdivisions Bureau Of Real Estate Statewide .
 Fillable pdf Last Modified 1/22/2014
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State of California ReseRvation instRument RE 612 (Rev. 1/04) Bureau of real eState SuBdiviSionS This is NoT aN offer or CoNTraCT To PurChase or sell ________________________________________________________________________ (hereinafter "Subdivider") (Subdivider) acknowledges receipt from ___________________________________________________________________________ (Name) (hereinafter "Potential Buyer") of ______________________________________________________________________ (Address) of the sum of $ _________________________________ for the reservation of __________________________________ (Amount) (Lot or Unit Number) _ in _____________________________________________________________________________________________, (Name of Subdivision) County of ________________________________________________ , State of California. (County) Subdividerherebyreservestheabove-identifiedlotorunitforPotentialBuyerandrepresentsthathewillimmediately place the funds and a signed copy of this document in the following escrow depository: ESCROW NAME CITY STATE STREET ADDRESS (Do not list Post Office box) ZIP CODE TELEPHONE NUMBER ( ) 1. This instrument does not create a contractual obligation to buy or sell on the part of either Subdivider or Potential Buyer. Either party may, at any time, cancel this reservation instrument without incurring liability to the other. In the event of cancellation by either party, all funds received towards this reservation will be returned to the potential buyer within two business days. If Potential Buyer so requests by completing appropriate instructions below, subdivider will make arrangements with the escrow depository for the earning of interest on Potential Buyer's funds. $ _______________ will be deducted by escrow depository from interest earned as a charge for providing the service to Potential Buyer. The balance of the interest earned will be paid to Potential Buyer or credited to his/her account. By initialing here ___________, Potential Buyer agrees to the payment of charges as set forth above and requests that the funds be placed into an interest bearing account as follows: NAME AS ACCOUNT IS TO BE HELD TAXPAYER IDENTIFICATION NO. (Social Security No.) 2. 3. 4. CAVEAT: If the funds are to be placed into an interest bearing account: (a) Escrow depository will not deposit funds into the account on Potential Buyer's behalf -- and therefore interest will notaccrue--untilescrowdepositoryhasbeennotifiedthatPotentialBuyer'scheckhascleared. (b) There may be a delay in returning the funds to Potential Buyer on his request. (c) There may be an interest penalty in the case of an early withdrawal from the account. (d) If after Potential Buyer has received a Final Subdivision Public Report for this subdivision, he enters into a contract with Subdivider to purchase the reserved subdivision interest, the deposit plus interest earned on the deposit, if any, may be applied toward purchase of the subdivision interest with the express authorization of Potential Buyer. The price and other terms of purchase of the subdivision interest will be those set forth in a purchase contract if Potential Buyer enters into one after receiving a copy of the Final Subdivision Public Report. SIGNATURE OF POTENTIAL BUYER DATE SIGNATURE OF POTENTIAL BUYER DATE DATE 5. NAME OF SUBDIVIDER SIGNATURE OF AGENT American LegalNet, Inc. www.FormsWorkFlow.com
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