Contracts
In Oregon, what is a 'waiver of contingency' and when does it become effective?
AWhen the buyer verbally tells the seller they are waiving a contingency
BWhen the buyer provides written notice waiving the contingency within the specified time period✓ Correct
CAutomatically when the contingency deadline passes without action
DWhen the title company acknowledges the waiver
Explanation
A contingency waiver in Oregon must be in writing and provided within the specified timeframe. In many Oregon standard forms, if the buyer does not provide notice of termination or waiver before the deadline, the contingency is deemed waived automatically — but expressing a waiver in writing provides clarity and evidence.
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