Erase In Legal Oregon Real Estate Forms For Free

The Upside of Land Contracts Consider the ease of the transaction. Because a bank or third-party lender is not involved, the seller is largely in control of the contract and can impose his or her own terms of sale, assess the buyer's creditworthiness, establish the down payment, and determine the interest rate.

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 cons. Higher interest rates ? Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear ? The seller retains the property title until the land contract is paid in full.

The Oregon bill of sale form realizes the components of a sale of personal property into a comprehensive contract, enforceable upon execution. The agreement outlines the specifics on the buyer, seller, and item to be sold, along with the conditions of the transaction, as negotiated by the involved parties.

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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