Oregon Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is an Oregon Real Estate Contract?

An Oregon real estate contract is a legally binding contract entered into by a buyer and seller for the sale of real property. The contract is drafted after the seller makes an offer and the buyer accepts the offer.

In Oregon, all real estate contracts must be in writing and must be signed by both parties to be legally binding and enforceable.

Common Oregon Real Estate Contracts

The common Oregon real estate contracts used for buying and selling property include:

4 Essential Elements of an Oregon Real Estate Contract

Four essential elements that make a real estate contract valid under Oregon contract laws include:

  1. Offer. The offer is the initial proposal made by the buyer to purchase a specific property from the seller.
  2. Acceptance. The acceptance is the seller's agreement to the terms of the offer made by the buyer.
  3. Consideration. Consideration is the value or benefit that each party receives in exchange for their promise to perform under the contract.
  4. Meeting of the minds. The meeting of the minds refers to the mutual understanding and agreement between the buyer and seller on the terms of the contract.

Can a Seller Back Out of a Real Estate Contract in Oregon?

In Oregon, a seller can back out of a real estate contract if certain contingencies are not met or if the contract includes a specific termination clause. Additionally, the seller may be able to back out if they have not yet accepted the offer.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Oregon?

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Jason P.

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Jason is a self-starting, go-getting lawyer who takes a pragmatic approach to helping his clients. He co-founded Fortify Law because he was not satisfied with the traditional approach to providing legal services. He firmly believes that legal costs should be predictable, transparent and value-driven. Jason’s entrepreneurial mindset enables him to better understand his clients’ needs. His first taste of entrepreneurship came from an early age when he helped manage his family’s small free range cattle farm. Every morning, before school, he would deliver hay to a herd of 50 hungry cows. In addition, he was responsible for sweeping "the shop" at his parent's 40-employee HVAC business. Before becoming a lawyer, he clerked at the Lewis & Clark Small Business Legal Clinic where he handled a diverse range of legal issues including establishing new businesses, registering trademarks, and drafting contracts. He also spent time working with the in-house team at adidas® where, among other things, he reviewed and negotiated complex agreements and created training materials for employees. He also previously worked with Meriwether Group, a Portland-based business consulting firm focused on accelerating the growth of disruptive consumer brands and facilitating founder exits. These experiences have enabled Jason to not only understand the unique legal hurdles that can threaten a business, but also help position them for growth. Jason's practice focuses on Business and Intellectual Property Law, including: ​ -Reviewing and negotiating contracts -Resolving internal corporate disputes -Creating employment and HR policies -Registering and protecting intellectual property -Forming new businesses and subsidiaries -Facilitating Business mergers, acquisitions, and exit strategies -Conducting international business transactions ​​ In his free time, Jason is an adventure junkie and gear-head. He especially enjoys backpacking, kayaking, and snowboarding. He is also a technology enthusiast, craft beer connoisseur, and avid soccer player.

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Asked on Mar 24, 2022

How many years does a quick claim become effective?s

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Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

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I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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