Real Estate Contracts
Elements
Offer, acceptance, consideration, capacity, lawful purpose, and a writing that satisfies the statute of frauds, signed by the party to be charged and containing an adequate legal description. Oregon purchase agreements, such as the standard residential sale agreement used in practice, are forms, not statutes; any writing meeting the elements can form a contract.
What to read closely
Contingencies (financing, inspection, appraisal, sale of the buyer's home), earnest money terms, title review, closing and possession dates, and remedies. Liquidated damages must be a reasonable estimate of loss, not a penalty. A time-is-of-the-essence clause makes every date strictly enforceable.
Oregon specifics
Most residential resales require the Seller's Real Property Disclosure Statement under ORS 105.464, with exemptions for new construction and certain transfers. If the disclosure arrives after the buyer's offer, the buyer has a limited statutory window to revoke. Oregon residential sales are generally as-is, so the disclosure and the inspection contingency carry the quality risk rather than an implied warranty of habitability.
Traps
A counteroffer terminates the original offer; acceptance must mirror the offer. Revocation is effective on receipt. An option is not a sale, and the optionee holds no equitable title until exercise. Earnest money is not automatically liquidated damages. Electronic signatures are valid.
Rule of thumb: read contingencies backward from the closing date. Every deadline that expires without action benefits the party who wants out of the deal.