I’m going to share the Oregon home buying process, including important due dates. I hope it is helpful and I’d be happy to help if you are purchasing or selling real estate in the Portland Metro Area.
Earnest money deposit: Typically 1% of the purchase price is agreed on as earnest money in an offer. It needs to be deposited within 3 business days after the offer has been accepted. It will be refunded when the transaction is properly terminated within the timeline below. If the transaction proceeds to close, it will be part of the down payment.
Property Disclosure Timeline: Within 5 business days after receiving the Property Disclosure from the seller’s agent, the buyer has the right to revoke the disclosure and cancel the transaction without doing the home inspection.
Home inspection period: Typically within 10 business days unless agreed upon differently. The buyer needs to perform home inspections (including radon and sewer line, etc) AND negotiate repairs with the seller. It is the buyer’s responsibility to keep track of the timeline, otherwise, the inspection contingency period ends and you will be buying it as-is.
The video includes more details of the timelines. I kinda look mad here, but Youtube picked the thumbnail.