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Real Estate Contract Long Form LPB 45-05(ir-l) - Washington

Real Estate Contract Long Form Form. This is a Washington form and can be used in Limited Practice Board Statewide .
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When recorded return to: REAL ESTATE CONTRACT (LONG FORM) I. SPECIFIC TERMS A. PARTIES, PROPERTY, AND PURCHASE PRICE Date: Seller: Seller's Address: Purchaser: Purchaser's Address: Real Property Legal Description: Abbreviated Legal: legal not inserted above.) (Required if full Tax Parcel Number(s): LPB 45-05(ir) rev. 3/2009 Page 1 of 20 American LegalNet, Inc. www.FormsWorkFlow.com Personal Property: Title to be Conveyed: Form of Deed: Title Exceptions (include leases): Amount Which Has Been Paid to Seller: Balance Due: Purchaser to Pay to Seller: Purchaser to Pay Directly to Holders of Prior Encumbrances: TOTAL PURCHASE PRICE: $ US $ $ $ US US US $ US B. TERMS OF DEFERRED AMOUNT TO BE PAID TO SELLER Interest Rate: Interest Beginning Date: Installment Periods: First Installment Date: Installment Amounts: Final Payment Date: Default Rate: Late Charge: percent per annum percent per annum LPB 45-05(ir) rev. 3/2009 Page 2 of 20 American LegalNet, Inc. www.FormsWorkFlow.com 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 Seller Purchaser Current Holder: Original Principal Amount: Interest Rate: Current Principal Balance: Payment Dates: Amount of Each Payment: Secured by: Dated Recorded on Recording No. $ US percent per annum $ US $ US LPB 45-05(ir) rev. 3/2009 Page 3 of 20 American LegalNet, Inc. www.FormsWorkFlow.com Prior Encumbrance: To be Paid by: 2 Seller Purchaser Current Holder: Original Principal Amount: Interest Rate: Current Principal Balance: Payment Dates: Amount of Each Payment: Secured by: Dated Recorded on Recording No. $ US percent per annum $ US $ US Prior Encumbrance: To be Paid by: 3 Seller Purchaser Current Holder: Original Principal Amount: Interest Rate: Current Principal Balance: Payment Dates: Amount of Each Payment: Secured by: Dated Recorded on Recording No. $ US percent per annum $ US $ US LPB 45-05(ir) rev. 3/2009 Page 4 of 20 American LegalNet, Inc. www.FormsWorkFlow.com D. MISCELLANEOUS Portion of Purchase Price Allocated to Real Property: Portion of Purchase Price Allocated to Personal Property: Is the property to be used principally for agricultural or farming purposes? Miscellaneous: (Identify any Exhibits attached) $ US $ US Yes No 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. 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. 2. LPB 45-05(ir) rev. 3/2009 Page 5 of 20 American LegalNet, Inc. www.FormsWorkFlow.com 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 res
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