Oregon Real Estate Broker BuyOut and Price Addendum to Contract to Buy and Sell Real Estate

State:
Multi-State
Control #:
US-01247BG
Format:
Word; 
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Description

Some state real estate commissions require the use of a buyout addendum when a real estate broker enters into a contract to purchase a property: i) concurrent with the listing of such property; ii) as an inducement or to facilitate the property owner's purchase of another property; or iii) continues to market that property on behalf of the owner under an existing listing contract.


It is generally recommended that a real estate broker use such an addendum when he/she continues to market the property and is only agreeing to buy it to make the deal. If a licensee actually wants to own the property, using the addendum does not solve the conflict of interest.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

To write a contract addendum, start with a title that connects the addendum to the original contract by writing something like, Addendum to January 2, 2018 Employment Contract. Then, say This contract is between2026 and specify the parties along with the date the addendum will become effective.

How to Create a Purchase Addendum (4 steps)Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.

An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.

What recourse do the buyers have if they determine that the property they have contracted to purchase is within a special taxing district? They may demand that the seller pay the indebtedness of such a district. They may petition to be excluded from the district.

A purchase agreement is a type of contract that outlines terms and conditions related to the sale of goods. As a legally binding contract between buyer and seller, the agreements typically relate to buying and selling goods rather than services.

End with an addendum to ensure you always get the last word in Word.Open the Word document to receive the addendum.Scroll to the last part of the document or press the Page Down key.Place the cursor to the right of the last character in the document.Type the word Addendum on the new line.More items...

The Licensee Buyout Addendum contains the following verbiage: 1) Seller acknowledges that in entering into the Contract, Buyer is exposed to possible losses and expenses.

It is intended to prevent improprieties and conflicts of interest in licensee/client transactions, as well as to make sellers contractually aware of the potential differences in selling to a licensed real estate professional as opposed to conventional buyers.

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

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Oregon Real Estate Broker BuyOut and Price Addendum to Contract to Buy and Sell Real Estate