The Oregon Agreement that Contract Contingent on Attorney Approval, also known as the Oregon Attorney Approval Contingency Addendum, is a legal document commonly used in real estate transactions in the state of Oregon. This agreement allows parties involved in a contract to include a contingency that allows either buyer or seller to seek attorney approval within a specified period before finalizing the contract. The Oregon Agreement that Contract Contingent on Attorney Approval is designed to protect the interests of both parties involved in the transaction. This contingency ensures that either party has the opportunity to consult with their respective attorney to review the terms and conditions of the agreement before committing to it. It provides an additional layer of security by allowing the parties to address any legal concerns or negotiate modifications to the contract if necessary. This agreement can be used in various types of real estate transactions, including residential, commercial, vacant land, or multi-unit properties. Whether it is a purchase agreement, lease agreement, or any other type of real estate contract, parties in Oregon can opt for this contingency addendum to include attorney approval as part of the contractual process. By integrating the Oregon Attorney Approval Contingency Addendum, buyers and sellers can ensure that their legal rights and interests are sufficiently protected throughout the transaction. It provides an opportunity to seek professional advice from an attorney of their choice who will review the terms, conditions, disclosures, and other relevant details of the agreement. The Oregon Agreement that Contract Contingent on Attorney Approval allows either party to terminate the contract in case their attorney advises against its acceptance. The specified period for attorney review is usually negotiable, but it typically ranges from one to five business days. During this timeframe, the contract is considered to be in a contingent stage until the attorney approval is granted or the contract is terminated. In summary, the Oregon Agreement that Contract Contingent on Attorney Approval is a valuable tool in real estate transactions, allowing both buyers and sellers in Oregon to seek professional legal advice and review the terms and conditions before closing the deal. This contingency addendum ensures that parties have the opportunity to consult with their attorney and make informed decisions, leading to a more secure and transparent contractual process.
Oregon Agreement that Contract Contingent on Attorney Approval
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FAQ
What Does Contingent Mean In Real Estate? Contingent means ?depending on certain circumstances.? In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.
Think of a contingency as an ?if-then? proposition. For example: If the appraised value of the property is lower than the purchase price, then I can ask for a lower price or get out of the contract. When working with your agent to write the offer, you'll have to decide which contingencies to include.
Key Takeaways. Home sale contingencies are clauses in a real estate sales contract that protect buyers who want to sell one home before purchasing another. If the buyer's house sells by a certain date, the sale moves forward??if not, a buyer can walk away.
If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.
What Is a Contingency? A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic.
