Contracts
Which of the following is required for an Oregon real estate purchase contract to satisfy the Statute of Frauds?
ANotarization
BWritten form and signature of the party to be charged✓ Correct
CApproval by a licensed Oregon attorney
DRecording at the county courthouse
Explanation
To satisfy the Statute of Frauds, an Oregon real estate contract must be in writing and signed by the party against whom enforcement is sought (the party to be charged). Notarization, attorney approval, and recording are not required for the contract itself (though recording is required for the deed).
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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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