The Oregon Earnest Money Promissory Note is a legal document that outlines the terms and conditions of a financial agreement between a buyer and seller during a real estate transaction. This note serves as evidence of the buyer's intention to purchase the property and demonstrates their commitment by putting down earnest money. The earnest money, typically a certain percentage of the property's purchase price, is a deposit made by the buyer to show good faith in completing the transaction. It is usually paid upfront during the early stages of the purchase process and held in a trust or escrow account until the closing date. The Oregon Earnest Money Promissory Note contains various important details, including the names and contact information of both the buyer and seller, the property's address, the purchase price, and the amount of earnest money being deposited. Additionally, the note will specify the conditions under which the earnest money will be released or forfeited. There are different types of Oregon Earnest Money Promissory Notes that can be used depending on the specific circumstances of the real estate transaction. These include: 1. Contingent Earnest Money Promissory Note: This type of promissory note outlines specific contingencies that must be met for the earnest money to be refunded to the buyer. For example, if the buyer is unable to secure financing within a specified time frame, the earnest money may be refunded. 2. Non-Contingent Earnest Money Promissory Note: In this case, the earnest money deposit is non-refundable regardless of any circumstances. This type of note is usually used when the buyer is confident in their ability to close the transaction and is willing to risk losing the earnest money. 3. Release of Earnest Money Promissory Note: This note is used when the buyer and seller agree to release the earnest money before the closing date. This may happen if certain conditions are met, such as the buyer's financing being approved earlier than expected. It is essential for both the buyer and seller to carefully review and understand the terms and conditions stated in the Oregon Earnest Money Promissory Note before signing. Consulting with a real estate attorney or a knowledgeable professional can provide guidance and ensure compliance with the applicable laws and regulations.