Oregon Real Estate Purchase Agreement

The Oregon residential real estate purchase agreement (“purchase agreement”) is an agreement between a home seller and a potential buyer. Typically, the buyer presents an offer to the home seller which includes conditions they are prepared to make and how long their offer will remain open. The property seller may refuse, accept, or negotiate the offer up until its closing date. As soon as both parties have signed the agreement, the contract will be legally binding.

Do Sellers in Oregon Have to Disclose Property Defects?

Oregon does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Oregon

• Seller’s Property Disclosure Statement. Prior to listing their home for sale, sellers are required to fill out a five-page property disclosure which lists everything they know about their home. Sellers must complete this disclosure and provide it to all buyers who submit a written offer to obtain their property.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Oregon? In Oregon, a real estate contract should include all the following information: the buyer and seller’s information, property details, pricing and financing, closing and possession dates beside any property insurance and conflict resolution contingencies. Read more » How Can You Get Out of a Real Estate Contract in Oregon? According to Oregon law, buyers have five business days after receipt of the Seller’s Property Disclosure Statement to back out of the transaction for any reason at all. This is the buyer’s right of revocation under Oregon law. (ORS 105.475) Read more » What Is the Effective Date of a Real Estate Contract in Oregon? The effective date of a real estate contract in Oregon is the date that both the buyer and seller have agreed to all terms of the contract and have executed the contract. At this time, all of the contractual obligations will be bound and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Oregon? In Oregon, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Oregon? To fill out a real estate contract in Oregon, begin by filling in the names and addresses of both parties (the buyer and seller). Next, complete the property information, purchase price, along with the terms and conditions of the deal. Read more »