A form is where the Seller has agreed to accept a promissory note as payment of the earnest money.
Oregon Earnest Money Promissory Note
State:
Multi-State
Control #:
US-00472D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Earnest Money Promissory Note?
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FAQ
Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property you're looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.
An earnest promissory note shows good faith commitment to purchase an asset and outlines the aspects of the purchase agreement between a buyer and seller.
The owner must be aware that the earnest money deposit will be made in the form of a promissory note (i.e., not in cash) before it accepts the purchase offer. This fact must also be stated clearly in the purchase agreement itself.
According to the pre-printed forms in Oregon, they are enough for you to cancel the contract and receive all your deposit back.
The use of an earnest money promissory note usually contemplates the existence of a purchase agreement for real property. The enclosed document assumes that a purchase agreement will be created and signed by the parties, but that agreement is not provided as part of this form.
In general, the money is refundable until the inspection period ends. A buyer can also tempt a seller with non-refundable earnest money upon a signed and accepted offer.
When paying earnest money do not pay with cash. Your lender will need to verify the earnest money. The best way is to pay via personal check. Your lender will need a copy of the front of the check & of the back once it clears your bank.
Use promissory notes in routine and straight-forward contractual relationships between parties to avoid costly legal expertise. Next time you are entering into an agreement for goods or money, turn that handshake and bar napkin into a legally enforceable promise with a promissory note.
How Much Earnest Money Is Enough in Oregon? There is no law that dictates how much of an earnest money deposit a home buyer in Oregon should pay, when making an offer to buy a house.
Earnest money is always returned to the buyer if the seller terminates the deal. While the buyer and seller can negotiate the earnest money deposit, it often ranges between 1% and 2% of the home's purchase price, depending on the market.
