The Oregon purchase agreement is a legal document used for determining the terms and conditions related to the sale and purchase of a certain item in Oregon. The main parties to this agreement are the seller and the buyer.
The purchase agreement should be used for sales and purchases whenever the purchase price is higher than $500.
Oregon Purchase and Sale Agreement Form
The Oregon purchase and sale agreement doesn’t transfer ownership of a certain property but rather serves as the formalization of the agreement between the seller and buyer to transfer ownership of a certain item. Therefore, the parties are free to enter any detail affecting their deal.
This document includes information about the parties, a description of the item, the purchase price, details about the financing, contingencies, and other terms and conditions connected to the sale and purchase of an item.
The Oregon purchase agreement is also known as:
Other Names for Oregon Purchase and Sale Agreement Form
Oregon purchase and sale agreement
Oregon sale and purchase agreement
Oregon sale and purchase contract
Oregon purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Oregon.
Purchase Agreement Oregon Laws & Requirements
According to the Oregon legislation, there are no prescribed guidelines for the format of the Oregon purchase agreement template. However, it is important to include particular disclosures in the purchase agreement when selling or buying real estate in Oregon.
Purchase Agreement Required Disclosures in Oregon
Here, you can find the list of disclosures that you must include when drafting the Oregon real estate purchase agreement:
Lead-Based Paint Disclosure: Every seller is obligated by 42 U.S. Code § 4852d to disclose to the buyer if there is any lead-based paint hazard at the property. This is required for any property with a known lead-based paint hazard or for any property built before 1978.
Seller’s Property Disclosure Statement: The seller must fill out this form and provide all the details about the property’s condition, including any defects that the property might have. The seller then must submit this form to every potential buyer of the property. (ORS 105.464)
Common Types of Purchase Agreements in Oregon
This section provides all the types of purchase agreements used in Oregon:
Variety of Purchase Agreement
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Oregon.
Purchase Agreement in Oregon FAQ
Yes, in Oregon, the purchase agreement is a legally binding document. However, in order for the purchase agreement to be legally binding, both the seller and the buyer must sign it.
Yes, an Oregon sales agreement needs to state the purchase price. The purchase price is an essential element of the purchase agreement since it represents the main obligation of the buyer. Therefore, the document won’t produce any legal effects without the purchase price included.
No, purchase and sales agreements in Oregon don’t need to be notarized. The main reason for this is that the purchase agreement doesn’t directly transfer any legal rights between the seller and the buyer.
Yes, a seller can back out of the purchase agreement in Oregon after compensating the buyer. However, if the buyer fails to meet the contingencies set out in the purchase agreement, the seller can back out without compensating the buyer.