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Notice of Option for Recording Oregon Form

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[Music] [Applause] [Music] in today's video podcast i want to clear up a misunderstanding about what happens when a buyer sends a termination notice under an option when the option does not exist it is a common misconception that when a buyer sends the notice of termination claiming a right under the option that does not exist for whatever reason that the buyer is then in default the seller immediately makes demand for the earnest money the reality is if the buyer does not have an option a notice of termination under the option is simply not effective the act of providing notice when no right exists is not a default end of the contract the ineffective notice simply means the contract is still in place therefore both buyer and seller are still bound into the terms of the contract and must proceed ingly unless an intel buyer then fails to perform his obligations under the contract will buyer be in default and the seller can pursue his remedies in turn though in order to hold a bu

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