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.
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 real estate forms are legal documents used to record the details of a real estate transaction. They help provide clarity and protect the rights of all parties involved in buying or selling property.
The latest Oregon real estate forms for 2021 can be found on the official website of the Oregon Association of Realtors (OAR) or through licensed real estate professionals. It is important to use the most up-to-date forms to ensure compliance with current regulations.
Some commonly used Oregon real estate forms in 2021 include the Residential Real Estate Sale Agreement, Property Disclosure Statement, Lead-Based Paint Disclosure Form, and Addendum to the Sale Agreement. These forms cover various aspects of a real estate transaction, from the initial offer to property disclosures.
While it is not mandatory to have an attorney fill out Oregon real estate forms, it is highly advisable to seek legal advice, especially for complex transactions. Real estate forms involve legally binding contracts, and having an attorney review the documents can offer protection and ensure compliance with state laws.
Yes, there are specific rules and requirements for completing Oregon real estate forms. It is essential to accurately and honestly complete the forms, ensuring all the necessary information is provided. Any changes or amendments should be clearly stated, and all parties should review and sign the forms to indicate their agreement.
Modifying Oregon real estate forms is generally not recommended, as they are carefully crafted to adhere to state laws and industry standards. Altering the forms without proper legal guidance may lead to invalid contracts or disputes. If you have specific requirements, it is best to consult with a licensed real estate professional or attorney.
If you need assistance understanding or completing Oregon real estate forms, it is recommended to reach out to a licensed real estate professional or an attorney experienced in real estate transactions. They can guide you through the process, address any concerns, and ensure that you comply with all legal requirements.
No, Oregon real estate forms can be used for both residential and commercial properties. The forms can be tailored to suit the specific needs of the transaction, whether it involves buying or selling a house, apartment, office space, or any other type of real estate.
Failure to complete or submit the required Oregon real estate forms can lead to legal complications and delays in the transaction. It is important for all involved parties to fulfill their obligations by providing accurate and timely information. Non-compliance with form requirements can result in contract issues or even potential lawsuits.
It is advisable to retain copies of completed Oregon real estate forms for a significant period, usually around seven years. These documents serve as a record of the transaction and can be essential in case of any future disputes or claims. Storing them securely in both physical and digital formats is recommended.
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]