Oregon Real Estate Practice Test

If a vacant lot is purchased on a land sale contract, how many days does the purchaser have to cancel the contract?

1. 1 business day

2. 2 business days

3. 3 business days

4. 5 business days

The correct answer is: 3 business days

In Oregon, when a buyer purchases a vacant lot through a land sale contract, they are granted a specific period during which they have the right to cancel the contract. This period is established to provide a buyer with adequate time to consider their purchase and to ensure that they are making an informed decision. The correct answer indicates that the purchaser has 3 business days to cancel the contract. This timeframe allows the buyer to review the terms of the agreement carefully, seek advice if necessary, and ultimately decide whether to proceed with or withdraw from the transaction. It acts as a protective measure for the buyer, ensuring they have enough time to evaluate the implications of their purchase before fully committing. The timeframe reflects the importance of consumer protection laws that aim to prevent buyers from being rushed into a financial commitment without adequate consideration. Other durations, such as 1, 2, or 5 business days, do not align with the established legal framework concerning land sale contracts in Oregon, which specifically stipulates a 3 business day cancellation period.