Contracts
In Oregon, a 'purchase agreement subject to the sale of the buyer's current home' is a contract with:
AAn inspection contingency
BA sale contingency✓ Correct
CA financing contingency
DA title contingency
Explanation
A sale contingency (also called a home sale contingency) makes the purchase contract conditional upon the buyer successfully selling their existing home. If the buyer cannot sell within the specified period, they can typically terminate the contract without penalty.
Related Oregon Contracts Questions
- An Oregon purchase contract clause states 'This offer shall expire at 11:59 PM on Friday.' The seller's acceptance is emailed at 11:45 PM on Friday, but the buyer sees the email at 8:00 AM Saturday. Is there a binding contract?
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