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Buyer Representation Regarding Financing:

When a buyer makes an offer to purchase a home, included in the standard Residential Real Estate Agreement in Oregon is a section on Buyer Representation Regarding Financing. There are several items included there that are important for both a Buyer and Seller of real estate in Oregon to know and understand.

1) As of the date of signing the agreement, Buyer shall submit to lender a completed loan application within an agreed upon number of days, if a loan is required. What constitutes a loan application is enumerated.
2) Buyer will complete all necessary paperwork in the future in a timely manner and exercise best efforts to obtain the loan.
3) Buyer agrees that if they intend to proceed with the loan transaction, within ten business days from receipt of the Loan Estimate, Buyer will provide Lender with written notice to proceed.
4) If Seller or Seller’s Licensee request, Buyer will provide signed notice in 3) to them.
5) Buyer shall make a good faith effort to secure the ordering of the lender’s appraisal no later than expiration of the Inspection Contingency.
6) Buyer has liquid and available funds for the earnest money deposit and down payment and is not relying on any contingent source of funds, except as disclosed in the Agreement.
7) Buyer authorizes Lender to provide non-confidential information to the Listing and Selling Licensees regarding Buyer’s loan application status.
8) Buyer shall promptly notify Seller or Seller’s Licensee if, after signing the Agreement, Buyer substitutes another Lender for any reason. Buyer is permitted to select a Loan Program different than the one originally selected, without Seller’s written consent.
9) Buyer agrees to keep Seller promptly informed of all other material non-confidential developments regarding Buyer’s financing and the timing of closing.

If you have any questions regarding this particular section of the Residential Real Estate Agreement or any other terms, please let me know!

Kim Childs, Licensed Oregon Broker
KW Portland Premiere

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