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The Oregon purchase agreement details the terms of a real estate transaction. The contract records key information about the sale such as its terms and conditions, earnest money to be held prior to closing, and desired contingencies. Both parties must endorse the document to finalize a legally-binding agreement.

On such a sale, Oregon law requires that either the land sale contract or a memorandum of the contract must be recorded within 15 days after the signing of the contract. As to long-term leases, another Oregon law permits (but does not require) the recording of the lease or a memorandum of the lease.

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Here are the disadvantages of a land contract. Issues with inspections: Since the title does not pass over to the buyer, an inspection department could claim that the responsibility of any maintenance at the property could still be the responsibility of the seller.

An Oregon land contract establishes terms governing the sale of vacant land between two parties. The parties, a seller and purchaser, must create the document with all applicable terms surrounding the sale, such as the agreed-upon cost and any extra financial contingencies.

Land contract pros. Great for sellers ? The seller sells their property and gets a steady income stream for the contract's term. If the buyer doesn't make payments, they can take the property back based on the contract terms.