Contracts
In Oregon, can a purchase contract be assigned by the buyer to a third party?
ANever — Oregon law prohibits assignment of real estate contracts
BYes, unless the contract specifically prohibits assignment — most standard Oregon purchase agreements include a non-assignment clause✓ Correct
COnly with the seller's oral permission
DAssignment is automatically permitted for investment properties only
Explanation
By default, Oregon contracts can be assigned unless the contract expressly prohibits it. Most standard Oregon residential purchase agreements include a clause prohibiting or restricting assignment without the seller's written consent.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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