This form is a Seller's Disclosure Statement for use in a residential sales transaction in Oregon. This disclosure statement concerns the condition of property and is completed by the Seller.
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Oregon Residential Real Estate Sales Disclosure Statement
Oregon Coast Real Estate For Sale
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Oregon Disclosure Statement Or Interesting Questions
When buying real estate on the Oregon coast, it's important to consider factors such as location, proximity to amenities, potential for property appreciation, flood zone risks, and access to beaches or scenic views. Additionally, you may want to inquire about property taxes, homeowners association regulations, and any potential restrictions on property use.
Yes, there are some regulations and restrictions for coastal properties in Oregon. These may include limitations on building heights to preserve scenic views, restrictions on beach access or construction near sensitive habitats, and requirements for flood insurance in designated flood zones. It's advisable to consult with a local real estate agent or attorney to ensure you are aware of any specific regulations affecting the property you are interested in.
The average home prices on the Oregon coast can vary depending on the specific location and property type. Generally, coastal properties tend to be higher in price compared to inland areas. As of [insert current year], the median home price along the Oregon coast is approximately [insert median price]. However, it's important to note that prices can fluctuate based on market conditions and demand.
The Oregon coast offers a variety of popular areas for real estate. Some notable locations include the charming town of Cannon Beach with its scenic Haystack Rock, the artistic community of Manzanita, the bustling coastal city of Newport, and the picturesque town of Depoe Bay known for its whale-watching opportunities. Each area has its own unique charm and attractions, so it's worth exploring and determining what resonates most with your preferences.
When purchasing coastal real estate, it's important to be aware of potential hidden costs. These may include additional insurance requirements (such as flood insurance), higher property taxes compared to inland areas, maintenance costs associated with keeping your property in good shape against coastal weather elements, and potential homeowners association fees if the property is part of a managed community. It's advisable to budget for these additional costs to ensure a comprehensive financial plan.
To finance a property on the Oregon coast, you should begin by researching and comparing mortgage options from various lenders. It's important to consider your credit history, debt-to-income ratio, and down payment capabilities. Prequalifying for a loan before house hunting can also help you determine your budget and strengthen your position as a buyer. Consulting with a local mortgage broker or lender can provide further guidance and assistance throughout the financing process.
There may be upcoming developments or projects that could impact coastal real estate in Oregon. It's recommended to stay informed about any proposed infrastructure projects, zoning changes, or environmental regulations that could potentially affect the coastal property market. Local news sources, city planning departments, and real estate professionals can provide valuable information about any significant developments or changes in the works.
Yes, you can typically rent out your coastal property as a vacation home. However, it's essential to review local regulations and any homeowner association rules that may restrict or regulate short-term rentals. Certain areas may have specific licensing requirements, occupancy limits, or noise regulations to protect the interests of the community and ensure a peaceful environment. It's advisable to consult with a property management company or real estate professional who can guide you through the vacation rental process on the Oregon coast.
If you encounter issues with your coastal property after purchase, the appropriate recourse may depend on the nature of the problem. It's advisable to review any warranties or guarantees provided by the seller, consult your homeowner's insurance policy, and contact local professionals, such as contractors or inspectors, to assess the issue. If necessary, legal advice from a real estate attorney may be sought to understand your rights and explore potential solutions. Promptly addressing any concerns can help protect your investment and peace of mind.
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Law summary
Residential Real Estate Sales Disclosure Statement
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]
Legal definition
Residential Real Estate Sales Disclosure Statement
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]
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