Once an Oregon purchase agreement is signed by both sides, a change of mind alone doesn’t give either party a right to walk away. You need a contractual reason — a contingency like inspection, financing, appraisal, or title — or a narrow statutory right, like revoking after reviewing the seller’s disclosure statement. Backing out without one of those puts your earnest money, and potentially more, at risk.
By Chase Maillard, REALTOR® | October 19, 2026
Here’s a version of the same question I get from both sides of nearly every deal I write in Lane County. Buyers ask it after they’ve submitted an offer and started second-guessing the price. Sellers ask it after they’ve accepted one offer and a better one shows up a week later. Both versions come down to the same thing: once you’ve signed, what can actually get you out?
The honest answer is that your exit rights come from your contract, not from your feelings about the deal. In Oregon, most residential purchases run on the OREF 001 Residential Real Estate Sale Agreement — the standard statewide form — and that form spells out exactly which doors stay open and which ones close the moment both signatures land.
Before you’re both signed, you’re not locked in. If you’re a buyer and the seller hasn’t yet signed and delivered acceptance back to you, you can withdraw your offer freely. No penalty, no earnest money at risk, because there’s no binding agreement yet.
That changes the moment the seller accepts. From that point forward, “I changed my mind” is not an exit right. You need one of the following.
What actually gives you an exit — and what doesn’t
Inspection contingency.
This is the one most buyers lean on, and it’s also the one people misunderstand most often. Your inspection period has a deadline, and the form treats you as having accepted the property as-is unless you deliver a timely, unconditional disapproval within that window.
Asking the seller for repairs doesn’t pause the clock. A repair request does not extend the inspection period, so if you’re negotiating repairs right up against the deadline, you need a plan for what happens if those talks stall. If you want out based on inspection results, you disapprove in writing, on time, full stop.
Financing contingency.
Your financing contingency has its own approval deadline, separate from inspection. Missing that date doesn’t automatically kill the deal. Instead, the contract requires you to notify the seller and then either reach a written agreement on next steps, waive the contingency, or terminate through the form’s specified procedure.
This matters most for buyers financing a move into the $700K-plus range, where larger loan amounts can mean more underwriting conditions and a longer runway to clear them. If you’re watching a financing deadline approach, that’s a conversation to have with your lender and your agent well before the date arrives, not after.
Appraisal contingency.
An appraisal contingency only protects you if it was actually selected in your contract — it’s not automatic. And even when it’s in there, it’s narrower than most buyers expect. If your lender is still willing to fund the loan despite a low valuation, you don’t have a termination right based on the number alone.
This comes up constantly with acreage and luxury properties, where comparable sales are thinner and appraisals can land in unexpected places. If you’re buying or selling a higher-end or rural property in Creswell, Cottage Grove, or Pleasant Hill, it’s worth reading how to prepare a Lane County acreage or high-end home for sale — pricing it right from the start reduces how often you run into this exact problem.
Title contingency.
You get a stated period to review the title report and object in writing to anything that clouds it. If the seller can’t or doesn’t cure the issue, the transaction terminates and your deposits come back — unless you’ve waived the contingency in writing. This is one of the more mechanical contingencies, but it’s also one of the reasons the title company stays involved from the moment your deal goes pending, not just at closing.
The one statutory exit: disclosure revocation.
Oregon law gives buyers a narrow right that exists outside the contract entirely. Under ORS 105.475, you can revoke your offer within five business days after the seller delivers the Seller’s Property Disclosure Statement, by sending a separate signed revocation. If you use it, it’s clean: the offer is void, and your deposits come back immediately. This window is short, so if something in the disclosure statement gives you pause, that’s not a decision to sit on.
What happens to your earnest money
Oregon doesn’t set a fixed percentage for earnest money — the amount is whatever your contract says. In this market, that deposit goes straight to the title company as soon as your deal goes pending, and it stays there.
If the transaction can’t close, the title company holds the deposit until both parties agree in writing on where it goes, or until a court or arbitrator decides. That’s true even if you feel strongly that you’re in the right. Nobody gets to just take the money and move on.
Trying to get out of a deal by simply refusing to deposit the earnest money, or pulling it back after the fact, doesn’t work either. That’s treated as a breach in its own right, not a loophole.
What happens if you walk away without a valid reason
If you’re the buyer.
If the seller has held up their end and can deliver marketable title, and you default without a contract-based reason, the seller can terminate and claim your deposits as liquidated damages. That’s not automatic or unlimited, though. For it to hold up, the amount has to be reasonable for the actual deal — under Illingworth v. Bushong and ORS 72.7180, a liquidated-damages amount that’s really just a penalty isn’t enforceable. Calling something “liquidated damages” in the contract doesn’t make it so on its own.
If you’re the seller.
A seller cannot walk away from a signed agreement because a better offer showed up — not in this market, not in any market. If the seller fails to deliver marketable title or otherwise doesn’t complete the deal, the buyer’s deposits come back. But getting that refund doesn’t mean the buyer has given up their other options. They can still pursue damages, or even specific performance — asking a court or arbitrator to force the sale through. It’s an equitable remedy, and it exists specifically because “I found a better deal” isn’t a reason the law recognizes.
If a dispute does happen, the OREF form routes it to mediation first, through the Arbitration Service of Portland, and then to binding arbitration if mediation doesn’t resolve it. Both sides give up the right to a jury or judge trial for claims the form covers.
Why this matters right now.
A lot of what’s driving this question lately isn’t abstract — it’s timing. If you’ve been watching how the Eugene housing market has shifted heading into fall 2026, you’ve probably noticed conditions moving around enough that both buyers and sellers are tempted to second-guess a deal mid-stream. That’s exactly when knowing your actual contractual position — not your gut feeling about the market — matters most.
It’s also worth remembering that your specific exit rights depend on which contingencies you actually selected, any addenda attached to your agreement, and what’s actually happened so far in your transaction. The OREF form is a standard, but no two contracts I write look identical by the time we’ve negotiated through them. If you’re wondering where you stand in an active deal, that’s a conversation for your agent and your title company, not a guess based on a blog post — mine included.
Frequently Asked Questions
Can a seller accept a different, better offer after already accepting mine?
No. Once a seller has signed and delivered acceptance, they can’t abandon that agreement just because another offer comes in. Doing so puts them in default, which can expose them to the buyer’s deposits coming back plus potential damages or a specific performance claim.
Will I get my earnest money back if I just change my mind?
Generally, no. A change of mind alone isn’t a recognized exit right under the standard Oregon contract. Your earnest money stays with the title company until there’s a valid contractual or statutory reason to terminate, or until both parties agree in writing.
Does asking the seller for repairs give me more time to decide on inspection?
No. A repair request does not extend your inspection deadline. If you want to preserve your right to walk away based on inspection results, you need to deliver a timely, unconditional written disapproval within your original inspection period.
What if my loan isn’t approved by the financing deadline?
Missing the deadline doesn’t automatically end the contract. You’re required to notify the seller and then either reach a written agreement, waive the contingency, or terminate through the procedure your contract spells out — so don’t let that date pass without talking to your lender and your agent first.
Is there any way to get out after reviewing the seller’s disclosure statement?
Yes, within limits. Oregon law gives you five business days after you receive the Seller’s Property Disclosure Statement to revoke your offer in writing under ORS 105.475. Used within that window, it voids the offer and your deposits come back right away.
If you’re a seller wondering whether a buyer’s circumstances — or yours — might shift mid-transaction, it’s worth knowing what your home is actually worth before you’re navigating a dispute instead of a sale. Curious what your home could be worth in today’s market? Get a free, no-obligation home value report from Chase Maillard at CM Realty — just visit What’s Your Home Worth to get started. And if you’re a buyer trying to understand where you stand on a contract you’ve already signed, reach out before you make any move — that’s a conversation worth having before, not after.
About Chase Maillard, REALTOR®
Chase Maillard is a REALTOR® with Keller Williams Realty and leads CM Realty, a two-person team serving Lane, Linn, and Douglas counties in Oregon. Works with both buyers and sellers across Creswell, Cottage Grove, Eugene, Springfield, and Pleasant Hill, with a focus on luxury and acreage buyers and sellers.
This post is for general information only and isn’t legal advice. Contract terms, contingencies, and addenda vary by transaction — confirm your specific rights and deadlines with your agent, title company, or an Oregon real estate attorney before taking any action on an active contract.