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When looking to buy commercial real estate in Oregon, it's important to consider factors like location, property size and condition, zoning regulations, market trends, and potential for future growth.
Oregon offers a variety of commercial real estate options including office buildings, retail spaces, industrial warehouses, hospitality properties, and vacant land for development.
To assess the fair market value of a commercial property, you should consult with a professional appraiser or a real estate agent experienced in commercial transactions. They consider factors like recent sales of similar properties, income potential, location, and property condition before determining its value.
Zoning laws in Oregon dictate how properties can be used and developed. It's crucial to understand the zoning restrictions and regulations specific to the property you intend to purchase. Local planning departments and zoning maps can provide valuable information on permissible uses and building requirements.
While it's not required by law to work with an agent or broker, it is highly recommended when dealing with complex commercial transactions. A knowledgeable real estate professional can guide you through the process, negotiate on your behalf, and provide insights about the local market and available properties.
Prior to completing a commercial real estate purchase, it's essential to conduct thorough due diligence. This includes reviewing property documents, obtaining inspections, assessing any potential environmental concerns, verifying tenant leases (if applicable), and evaluating the property's financial performance.
Yes, financing options such as commercial mortgages and loans are available for buying commercial real estate in Oregon. Banks, credit unions, and specialized lenders offer a range of financing solutions. It's wise to consult with financial experts to explore different options and find the best fit for your specific situation.
Location can significantly impact the success of a commercial property investment. A prime location with high visibility, easy accessibility, and proximity to target markets or transportation hubs often attracts more customers and generates higher returns on investment. Assessing the surrounding area and market demand is crucial before making a purchase.
Negotiating a favorable deal in commercial real estate involves thorough research, understanding market dynamics, and being prepared to walk away if terms don't align with your goals. Hire an experienced negotiator, focus on key terms such as price, financing conditions, contingencies, and seek professional advice to ensure you're getting the best possible deal.
Investing in commercial real estate carries inherent risks such as economic downturns, changes in market conditions, fluctuating property values, environmental concerns, and potential disputes with tenants. Conducting extensive research, performing risk assessments, and consulting professionals mitigate potential risks and enhance the chances of a successful investment.
Oregon Statutes
TITLE 10 PROPERTY RIGHTS AND TRANSACTIONS
Chapter 105 Property Rights
SELLER'S PROPERTY DISCLOSURE AND DISCLAIMER STATEMENTS
105.462 Definitions for ORS 105.462 to 105.490
105.464 Form of seller's property disclosure statement
105.465 Application of ORS 105.462 to 105.490, 696.301 and 696.870; disclosure statement
105.470 Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870
105.475 Buyer's statement of revocation of offer; criteria
105.480 Representations in disclosure statement; application
105.485 Allocation of burden of proof
105.490 Effect of ORS 105.462 to 105.490, 696.301 and 696.870 on rights and remedies
105.462 Definitions for ORS 105.462 to 105.490.
For purposes of ORS 105.462 to 105.490:
(1) "Financial institution" has the meaning given that term in ORS 706.008. "Financial institution" includes mortgage bankers and mortgage brokers, as those terms are defined in ORS 59.840, and consumer finance companies licensed under ORS chapter 725.
(2) "Real estate licensee" has the meaning given that term in ORS 696.010. [2003 c.328 §4]
105.464 Form of seller's property disclosure statement.
A seller's property disclosure statement must be in substantially the following form:
[See, USLF form: OR-37014]
105.465 Application of ORS 105.462 to 105.490, 696.301 and 696.870; disclosure statement.
(1) The provisions of ORS 105.462 to 105.490, 696.301 and 696.870:
(a) Apply to the real property described in subparagraphs (A) to (D) of this paragraph unless the buyer indicates to the seller, which indication shall be conclusive, that the buyer will use the real property for purposes other than a residence for the buyer or the buyer's spouse, parent or child:
(A) Real property consisting of or improved by one to four dwelling units;
(B) A condominium unit as defined in ORS 100.005 and not subject to disclosure under ORS 100.705;
(C) A timeshare property as defined in ORS 94.803 and not subject to disclosure under ORS 94.829; and
(D) A manufactured dwelling, as defined in ORS 446.003, that is owned by the same person who owns the land upon which the manufactured dwelling is situated.
(b) Do not apply to a leasehold in real property.
(2) Except as provided in ORS 105.475 (4), a seller shall complete, sign and deliver a seller's property disclosure statement as set forth in ORS 105.464 to each buyer who makes a written offer to purchase real property in this state. [1993 c.547 §1; 1997 c.816 §15; 1999 c.307 §24; 1999 c.677 §65; 2001 c.300 §74; 2003 c.328 §1]
105.470 Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870.
ORS 105.462 to 105.490, 696.301 and 696.870 do not apply to:
(1) The first sale of a dwelling never occupied, provided that the seller provides the buyer with the following statement on or before the date the buyer is legally obligated to purchase the subject real property: "THIS HOME WAS CONSTRUCTED OR INSTALLED UNDER BUILDING OR INSTALLATION PERMIT(S) #___, ISSUED BY_____."
(2) Sales by financial institutions that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure.
(3) The following sellers, if appointed by a court:
(a) Receivers;
(b) Personal representatives;
(c) Trustees;
(d) Conservators; or
(e) Guardians.
(4) Sales or transfers by governmental agencies. [1993 c.547 §7; 1995 c.198 §1; 2003 c.328 §5]
105.475 Buyer's statement of revocation of offer; criteria.
(1) If a seller issues a seller's property disclosure statement and a buyer has not then delivered to the seller a written statement waiving the buyer's right to revoke the buyer's offer, the buyer shall have five business days after delivery of the seller's property disclosure statement to revoke the buyer's offer by delivering to the seller a separate signed written statement of revocation disapproving the seller's disclosure.
(2) If a buyer fails to timely deliver to a seller a written statement revoking the buyer's offer, the buyer's right to revoke the buyer's offer expires.
(3) If a buyer closes the transaction, the buyer's right to revoke based on ORS 105.462 to 105.490, 696.301 and 696.870 is terminated.
(4) If the seller fails or refuses to provide a seller's property disclosure statement as required under this section, the buyer shall have a right of revocation until the right is terminated pursuant to subsection (3) of this section.
(5) If the buyer revokes the offer pursuant to this section, notwithstanding ORS 696.581, the buyer is entitled to immediate return of all deposits and other considerations delivered to any party or escrow agent with respect to the buyer's offer, and the buyer's offer is void.
(6) When the deposits and other considerations have been returned to the buyer, upon the buyer's signed, written release and indemnification of the holders of the deposits and other considerations, the holders are released from all liability for the deposits and other considerations.
(7) Any seller's property disclosure statement issued by the seller is part of and incorporated into the offer and the acceptance. [1993 c.547 §§2,3; 2003 c.328 §6]
105.480 Representations in disclosure statement; application.
(1) The representations contained in a seller's property disclosure statement and in any amendment to the disclosure statement are the representations of the seller only. The representations of the seller are not representations of:
(a) A financial institution that may have made or that may make a loan pertaining to the property covered by a seller's property disclosure statement, or that may have or take a security interest in the property covered by a seller's property disclosure statement.
(b) A real estate licensee engaged by the seller or buyer.
(2) Neither a financial institution nor a real estate licensee is bound by or has any liability with respect to any representation, misrepresentation, omission, error or inaccuracy contained in the seller's property disclosure statement required by ORS 105.465 or any amendment to the disclosure statement. [1993 c.547 §4b; 1997 c.631 §400; 2001 c.300 §69; 2003 c.328 §7]
105.485 Allocation of burden of proof.
The burden of proof of lawful delivery of a seller's property disclosure statement and any amendment thereto is on the seller. The burden of proof of lawful delivery of a notice of revocation of a buyer's offer is on the buyer. [1993 c.547 §5; 2003 c.328 §8]
105.490 Effect of ORS 105.462 to 105.490, 696.301 and 696.870 on rights and remedies.
ORS 105.462 to 105.490, 696.301 and 696.870 do not directly, indirectly or by implication limit or alter any preexisting common law or statutory right or remedy including actions for fraud, negligence or equitable relief. [1993 c.547 §8; 2003 c.328 §9]
Oregon Statutes
TITLE 10 PROPERTY RIGHTS AND TRANSACTIONS
Chapter 105 Property Rights
SELLER'S PROPERTY DISCLOSURE AND DISCLAIMER STATEMENTS
105.462 Definitions for ORS 105.462 to 105.490
105.464 Form of seller's property disclosure statement
105.465 Application of ORS 105.462 to 105.490, 696.301 and 696.870; disclosure statement
105.470 Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870
105.475 Buyer's statement of revocation of offer; criteria
105.480 Representations in disclosure statement; application
105.485 Allocation of burden of proof
105.490 Effect of ORS 105.462 to 105.490, 696.301 and 696.870 on rights and remedies
105.462 Definitions for ORS 105.462 to 105.490.
For purposes of ORS 105.462 to 105.490:
(1) "Financial institution" has the meaning given that term in ORS 706.008. "Financial institution" includes mortgage bankers and mortgage brokers, as those terms are defined in ORS 59.840, and consumer finance companies licensed under ORS chapter 725.
(2) "Real estate licensee" has the meaning given that term in ORS 696.010. [2003 c.328 §4]
105.464 Form of seller's property disclosure statement.
A seller's property disclosure statement must be in substantially the following form:
[See, USLF form: OR-37014]
105.465 Application of ORS 105.462 to 105.490, 696.301 and 696.870; disclosure statement.
(1) The provisions of ORS 105.462 to 105.490, 696.301 and 696.870:
(a) Apply to the real property described in subparagraphs (A) to (D) of this paragraph unless the buyer indicates to the seller, which indication shall be conclusive, that the buyer will use the real property for purposes other than a residence for the buyer or the buyer's spouse, parent or child:
(A) Real property consisting of or improved by one to four dwelling units;
(B) A condominium unit as defined in ORS 100.005 and not subject to disclosure under ORS 100.705;
(C) A timeshare property as defined in ORS 94.803 and not subject to disclosure under ORS 94.829; and
(D) A manufactured dwelling, as defined in ORS 446.003, that is owned by the same person who owns the land upon which the manufactured dwelling is situated.
(b) Do not apply to a leasehold in real property.
(2) Except as provided in ORS 105.475 (4), a seller shall complete, sign and deliver a seller's property disclosure statement as set forth in ORS 105.464 to each buyer who makes a written offer to purchase real property in this state. [1993 c.547 §1; 1997 c.816 §15; 1999 c.307 §24; 1999 c.677 §65; 2001 c.300 §74; 2003 c.328 §1]
105.470 Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870.
ORS 105.462 to 105.490, 696.301 and 696.870 do not apply to:
(1) The first sale of a dwelling never occupied, provided that the seller provides the buyer with the following statement on or before the date the buyer is legally obligated to purchase the subject real property: "THIS HOME WAS CONSTRUCTED OR INSTALLED UNDER BUILDING OR INSTALLATION PERMIT(S) #___, ISSUED BY_____."
(2) Sales by financial institutions that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure.
(3) The following sellers, if appointed by a court:
(a) Receivers;
(b) Personal representatives;
(c) Trustees;
(d) Conservators; or
(e) Guardians.
(4) Sales or transfers by governmental agencies. [1993 c.547 §7; 1995 c.198 §1; 2003 c.328 §5]
105.475 Buyer's statement of revocation of offer; criteria.
(1) If a seller issues a seller's property disclosure statement and a buyer has not then delivered to the seller a written statement waiving the buyer's right to revoke the buyer's offer, the buyer shall have five business days after delivery of the seller's property disclosure statement to revoke the buyer's offer by delivering to the seller a separate signed written statement of revocation disapproving the seller's disclosure.
(2) If a buyer fails to timely deliver to a seller a written statement revoking the buyer's offer, the buyer's right to revoke the buyer's offer expires.
(3) If a buyer closes the transaction, the buyer's right to revoke based on ORS 105.462 to 105.490, 696.301 and 696.870 is terminated.
(4) If the seller fails or refuses to provide a seller's property disclosure statement as required under this section, the buyer shall have a right of revocation until the right is terminated pursuant to subsection (3) of this section.
(5) If the buyer revokes the offer pursuant to this section, notwithstanding ORS 696.581, the buyer is entitled to immediate return of all deposits and other considerations delivered to any party or escrow agent with respect to the buyer's offer, and the buyer's offer is void.
(6) When the deposits and other considerations have been returned to the buyer, upon the buyer's signed, written release and indemnification of the holders of the deposits and other considerations, the holders are released from all liability for the deposits and other considerations.
(7) Any seller's property disclosure statement issued by the seller is part of and incorporated into the offer and the acceptance. [1993 c.547 §§2,3; 2003 c.328 §6]
105.480 Representations in disclosure statement; application.
(1) The representations contained in a seller's property disclosure statement and in any amendment to the disclosure statement are the representations of the seller only. The representations of the seller are not representations of:
(a) A financial institution that may have made or that may make a loan pertaining to the property covered by a seller's property disclosure statement, or that may have or take a security interest in the property covered by a seller's property disclosure statement.
(b) A real estate licensee engaged by the seller or buyer.
(2) Neither a financial institution nor a real estate licensee is bound by or has any liability with respect to any representation, misrepresentation, omission, error or inaccuracy contained in the seller's property disclosure statement required by ORS 105.465 or any amendment to the disclosure statement. [1993 c.547 §4b; 1997 c.631 §400; 2001 c.300 §69; 2003 c.328 §7]
105.485 Allocation of burden of proof.
The burden of proof of lawful delivery of a seller's property disclosure statement and any amendment thereto is on the seller. The burden of proof of lawful delivery of a notice of revocation of a buyer's offer is on the buyer. [1993 c.547 §5; 2003 c.328 §8]
105.490 Effect of ORS 105.462 to 105.490, 696.301 and 696.870 on rights and remedies.
ORS 105.462 to 105.490, 696.301 and 696.870 do not directly, indirectly or by implication limit or alter any preexisting common law or statutory right or remedy including actions for fraud, negligence or equitable relief. [1993 c.547 §8; 2003 c.328 §9]