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A purchase agreement, also referred to as a purchase contract, real estate sales contract, or real estate purchase contract, is an agreement between a buyer and seller that spells out the terms of a real estate transaction.

You usually cannot cancel a contract, but there are times when you can. You can cancel some contracts within certain time limits. Some contracts must tell you about your right to cancel, how to cancel them, and where to send the cancellation notice.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

Can a seller pull out after accepting an offer? If there is an available contingency in the contract, the buyer can't secure funding, or there is fraud on the part of the buyer, the seller may usually cancel the contract. You may also cancel the sale during the attorney review period.

Buyers can terminate a transaction in Oregon without consequences, like losing their earnest money (which I'll be addressing in more detail in a future post) or subjecting themselves to potential legal action from the seller, based upon contingencies that are included in the written sale agreement.

A signed acceptances may be withdrawn by a seller at any time before it is transmitted or mailed; but after transmission or deposit in the mail, it's too late for the seller to withdraw it, even though the Buyer is unaware of the acceptance.