Contracts
An Oregon buyer's purchase contract includes a 'right of first refusal' for the seller to reclaim the property if the buyer decides to resell within 3 years. This is an example of a:
ADefeasance clause
BCondition subsequent in the deed
CPurchase agreement contingency
DOption to repurchase✓ Correct
Explanation
A right of first refusal or option to repurchase gives the original seller the right to buy the property back (at a specified price or at market value) if the buyer decides to resell within a certain period. This is often used in community land trust or affordable housing contexts.
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