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This document outlines an agreement between the Oregon Department of Environmental Quality and Advanced American Construction Properties, LLC regarding the remediation and oversight of a contaminated

How to fill out prospective purchaser agreement

How to fill out Prospective Purchaser Agreement

1. Start with the header: Write 'Prospective Purchaser Agreement' at the top of the document.
2. Fill in the date of the agreement.
3. Identify the parties involved: Include full names and contact details of the buyer and seller.
4. Describe the property: Provide a detailed description of the property involved in the agreement.
5. Outline the terms: Specify the terms of the agreement including purchase price and any contingencies.
6. Include disclosure statements: If applicable, include any disclosures required by law.
7. Add signatures: Ensure all parties sign and date the document to make it legally binding.

Who needs Prospective Purchaser Agreement?

1. Individuals looking to buy real estate properties.
2. Real estate agents facilitating property transactions.
3. Property sellers who want to formalize an inquiry process.
4. Investors assessing potential purchases.

People Also Ask about

What is a bona fide prospective purchaser?

To qualify as a BFPP, a person must: (1) not be potentially liable for contamination on or at a property; (2) acquire the property after January 11, 2002; (3) establish that all disposal of hazardous substances occurred before the person acquired the facility; (4) make all appropriate inquiries into previous ownership

What is a prospective purchaser agreement?

A Prospective Purchaser Agreement is a legally binding agreement between DEQ and a prospective purchaser or lessee of real property. A PPA limits the purchaser's or lessee's liability to DEQ for environmental cleanup of the property.

What is a prospective purchaser?

"Prospective purchaser" means a person who is not a responsible party and who has entered into a contract, or holds an option, to purchase an eligible property for its fair market value in a transaction at arm's length.

What is a contract purchase agreement?

A purchase agreement, also known as a purchase contract or purchase and sale agreement, is a legally binding document between a buyer and a seller that defines the terms and conditions of their transaction. Purchase contacts usually refer to the sales of goods, not services.

For pdfFiller’s FAQs

What is Prospective Purchaser Agreement?

A Prospective Purchaser Agreement is a legal document that outlines the terms and conditions under which a buyer may acquire property that is contaminated or potentially contaminated, ensuring that they are not held liable for existing environmental issues.

Who is required to file Prospective Purchaser Agreement?

Typically, any individual or entity interested in purchasing contaminated property must file a Prospective Purchaser Agreement with the appropriate regulatory agency to secure liability protections.

How to fill out Prospective Purchaser Agreement?

Filling out a Prospective Purchaser Agreement involves providing detailed information about the buyer, the property, any known environmental issues, and the intended use of the property, along with signatures from all parties involved.

What is the purpose of Prospective Purchaser Agreement?

The purpose of a Prospective Purchaser Agreement is to facilitate the sale of contaminated properties by providing assurance to the buyer that they will not be held liable for pre-existing contamination, thereby encouraging redevelopment and property transfer.

What information must be reported on Prospective Purchaser Agreement?

The information that must be reported includes the buyer's identity, property description, known environmental conditions, the intended use of the property, and any other relevant details that assess environmental risks.