Under Oregon law, which of the following is NOT a required element for a valid and enforceable real estate purchase and sale agreement?
Correct Answer
C) Notarization by a licensed Oregon notary public
Notarization by a licensed Oregon notary public is NOT required for a purchase and sale agreement to be valid and enforceable in Oregon. Notarization is required for documents that are recorded with the county, such as deeds and trust deeds, but a purchase and sale agreement between buyer and seller does not need to be notarized to be legally binding. The Statute of Frauds (ORS 41.580) requires only that the agreement be in writing and signed by the party to be charged.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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