The Oregon Undertaking Agreement is a legal document that provides legal protection and assurance for the parties involved in a real estate transaction. It is commonly used in Oregon real estate transactions and outlines the expectations of both the buyer and seller when it comes to closing the deal. This document serves to protect both parties by ensuring that the terms of the sale are met and that all the necessary paperwork is filed with the appropriate agencies. There are two types of Oregon Undertaking Agreements: a standard form agreement and a custom agreement. The standard form agreement is provided by the Oregon Real Estate Agency (AREA) and is the most commonly used agreement. It is designed to cover all the basic elements of a real estate transaction, such as who is responsible for closing costs, who pays for title insurance, and who will provide funds for the down payment. The custom agreement is more specific and tailored to the specific needs of the buyer and seller. The Oregon Undertaking Agreement is an important document that must be signed by both the buyer and seller in order to complete a real estate transaction. It provides legal protection to both parties and ensures that the transaction is conducted in accordance with law.