Generally. In its most basic sense, the OREF Sale Agreement is an offer to purchase property; it describes the price and terms of sale, the contingencies, the closing process, and the closing date. Once signed by seller and buyer, the document is delivered to escrow and, in most cases, the earnest money is deposited in trust at the title insurance company.
The purpose of this article is not to discuss the different provisions in the Sale Agreement, but when it becomes “binding”. This is important because after it becomes binding three things occur: Continue reading “Oregon Contract Law: Offers, Counteroffers, And Their Withdrawal”