Or. Admin. Code § 863-015-0135

Current through Register Vol. 63, No. 12, December 1, 2024

Section 863-015-0135 - Offers to Purchase

(1) When a real estate licensee receives an offer to purchase real property or a counter-offer, the licensee must give the individual signing the offer or counter-offer a true, legible copy thereof.

(2) A real estate licensee must promptly deliver to the offeror or offeree every written offer or counter-offer the licensee receives.

(3) The licensee must maintain a written record of the date and time of each written offer or counter-offer delivered pursuant to section (2) of this rule and of the seller's or buyer's response. The licensee must maintain this record as required under OAR 863-015-0250, and if the seller rejects the offer or counter-offer, the licensee must provide a true copy to the offeror.

(4) When a licensee receives a written acceptance of an offer or counter-offer to purchase real property, the licensee must deliver within three banking days true, legible copies of the offer or counter-offer, signed by the seller and buyer, to both the buyer and seller.

(5) Real estate licensees must include all of the terms and conditions of the real estate transaction in the offer to purchase or, directly or by reference, in the counter-offer, including but not limited to whether the transaction will be accomplished by way of deed or land sales contract, and whether and at what time evidence of title will be furnished to the prospective buyer.

(6) The document serving as an earnest money receipt must specifically state the type of earnest money received, whether in the form of cash, check, or promissory note.

(7) In preparing a promissory note for use as earnest money, a licensee must make the note payable upon the seller's acceptance of the offer or payable within a stated time after the seller's acceptance. Absent a written agreement to the contrary, the note must be made payable to the seller.

(8) An offer signed by a prospective buyer is an offer to purchase, regardless of any pending inspections, conditions, or other contingencies.

Or. Admin. Code § 863-015-0135

REC 10, f. 8-27-59; REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 3-1980, f. 10-20-80, ef. 11-1-80; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 1-1997, f. 4-28-97, cert. ef. 5-5-97; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0020; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 6-2008, f. 12-15-08, cert. ef. 1-1-09

Stat. Auth.: ORS 696.385

Stats. Implemented: ORS 696.280, 696.800, 696.810 & 696.815