Legal Question in Real Estate Law in Oregon

Re: Home Sale Agreement

This is not legal advice, and I do not represent you.

It depends on the exact terms of contract. Did they merely state their desire and wish to buy the house, or did they specifically agree to buy the house on or before a given date for a certain price? If the former, there is probably no binding agreement.

Even if the writing contains an agreement to buy the house at a specific time for a certain price, Oregon law requires numerous terms in any residential real estate contract, such as:

* The names and addresses of the sellers and purchasers

* The purchase price and how it is to be paid, including any down payment or earnest money deposit

* Arrangements for financing

* The legal description of the property

* A provision that title to the property shall be good and marketable of record, subject to reasonable easements

* The condition of the property at the time of closing

* Whether a survey and appraisal are to be made and, if so, at whose expense

* All expenses to be divided between the seller and purchaser

* The method of handling any escrow account containing reserves for payment of taxes and insurance held by the seller's mortgage company

* Seller's statement of the condition of the property

* Closing date and possession

* Statement of the closing costs

The seller also must provide a number of disclosures to the buyer. If these disclosures are not made (regarding the condition of the house, presence of buried oil tanks, etc.), then the buyer is not obligated to close the deal.

But, if you do have a binding contract to sell the house to them, one that complies with the Oregon requirements, then the measure of damages would be athegreed upon price minus the price you obtain when selling the home in the near future.