Contracts
Which of the following elements is necessary for a real estate contract to be enforceable under the Statute of Frauds in Oregon?
ANotarization by a licensed notary
BA written document signed by all parties✓ Correct
CWitness signatures from two disinterested parties
DRecording at the county courthouse
Explanation
The Statute of Frauds requires that real estate purchase contracts be in writing and signed by the party to be charged (typically both buyer and seller) to be enforceable. Notarization is not required for the contract itself, though deeds must be notarized for recording.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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