Contracts
In Oregon, when a contingency in a purchase agreement is 'removed,' what does that mean?
AThe contract is automatically voided
BThe contingency is satisfied or waived, and that condition no longer allows the buyer to back out without penalty✓ Correct
CThe seller has removed the contingency unilaterally
DThe lender has approved the contingency removal
Explanation
When a buyer removes a contingency in an Oregon purchase agreement, it means the condition has been satisfied (e.g.
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Key Terms to Know
Earnest Money
A 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.
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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