Oregon Statutes 275.188 – Definitions for ORS 275.110 to 275.250
(1) As used in ORS § 275.110 to 275.250, ‘purchase agreement’ means a purchase money mortgage, a purchase money trust deed, a land sale contract or any other written purchase agreement other than an earnest money agreement that requires payment of an earnest money deposit upon execution and payment of the outstanding balance in one additional payment.
Terms Used In Oregon Statutes 275.188
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) As used in ORS § 275.190, ‘for cash,’ when used to describe the terms of a sale of county property, includes a sale pursuant to an earnest money agreement that requires payment of an earnest money deposit upon execution and payment of the outstanding balance in one additional payment. [2005 c.243 § 2]
275.188 was added to and made a part of 275.110 to 275.250 by legislative action but was not added to any other series in ORS Chapter 275. See Preface to Oregon Revised Statutes for further explanation.