The Real Estate Napkin Tm

THE REAL ESTATE NAPKIN TM

Real Estate NapkinTM (as amended December 1, 2008)

The Real Estate NapkinTM (hereinafter "Napkin") is intended solely as a convenience for buyers and sellers who are not represented by a real estate licensee. Its use is optional and the parties are free to use whatever form of agreement they choose. Buyers who are represented by a licensee may find they can't use the Napkin because the buyer's broker and liability insurance carrier may require the use of the Realtor® statewide sale agreement forms. If the buyer uses a real estate broker to prepare a real estate sales agreement(sometimes referred to as an "earnest money agreement"), that broker's firm is entitled to the selling office commission offered in the local multiple listing service ("MLS").

The Napkin is provided as a courtesy for use by unrepresented sellers and buyers in standard residential real estate transactions where the subject property is currently carried with MLS4owners.com. Any other use is strictly prohibited. You may find it useful forrelatively simple transactions in which all parties are ready, willing and able to close a sale. The Napkin is not designed or recommended for use in any short sale, lease-option, seller-carried financing, or similar distressed sale transactions without obtaining additional assistance and documentation from your real estate attorney.

The Napkin will not be valid without a full and complete legal description. (A street address may not be sufficient.) The legal description can be obtained from almost any title company and should be included in or attached to the Napkin before all parties sign the document. If the sale includes multiple tax parcels, include the parcel numbers and legal description of all parcels.

Fill out the Napkin completely before signing, making sure that it contains the entire agreement between the parties. You should avoid having any oral side agreements or understandings that are not also contained in the written agreement as they may be difficult to enforce. If you cross out and/or replace any of the terms and conditions, ensure that all changes are initialed and that the agreement is signed by all parties to the sale, including spouses. If you need to attach pages for additional terms and conditions of the sale, ensure that these pages are also referenced in the agreement and properly signed.

The Napkin may be filled in as a computer form, or printed out and filled in by hand. Once you have a mutually agreed contract, provide the documents to your agreed-upon escrow provider.

Even a sale agreement that is written on a napkin is serious business. You should consult with a real estate attorney before using the Napkin as well as any other document pertaining to your transaction. MLS4owners.com is not a party to your real estate transaction, do not advise, consult, regarding your transaction and do not act as an agent or representative for, or on behalf, of either slier or buyer. Our services do not include any "professional real estate activity" as defined under Oregon licensing law. As such, we do not maintain a transaction file, and make no warranties, express or implied, regarding the suitability of the Napkin for the parties' intended use. You should consult your attorney on all matters related to the adequacy of that form or any other matters concerning your real estate transaction. The employees of MLS4owners.com are not attorneys; accordingly they are not permitted to provide legal advice about any topic, including the Napkin or questions you may have regarding your transaction.

This form is solely for the use of current customers of MLS4owners.com. If the Napkin is used on any property not currently carried through MLS4owners.com, seller and buyer understand and agree that the escrow company will be requested to deduct $695 from seller's funds for payment at closing to MLS4owners.com. If not paid from closing, seller will remain personally liable for payment.

SELLER'S AND BUYER'S USE OF THE NAPKIN SHALL CONFIRM THEIR CONSENT WITH THE ABOVE TERMS OF USE AND THEIR UNDERSTANDING THATMLS4OWNERS.COM IS NOT ACTING IN ANY AGENCY, REPRESENTATIVE, OR FIDUCIARY CAPACITY ON THEIR BEHALF IN THE SUBJECT TRANSACTION. SEE ORS 696.820 and 696.840.

Good luck with the sale!

MLS4owners.com

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