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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View Port St. Lucie
View Port St. Lucie
View Port St. Lucie
View Port St. Lucie
View Port St. Lucie
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Real estate listings don't reveal all. Oregon doesn't require real estate agents to say that someone was violently murdered inside a house or even investigate if meth was cooked there.
Oregon Property Disclosure Statement: What You Must Disclose title to the property and existing encumbrances, such as easements and liens. domestic water sources and irrigation. sewage disposal. insulation, including whether there is insulation in the ceiling, walls, and floor.
Under Oregon law a seller must disclose to the buyer any material defects known to the seller that would not be readily apparent to a buyer. Oregon civil law also imposes on all parties to a contract a duty of good faith and fair dealing.
Most Common Disclosures in Real Estate Natural Hazards Disclosure. First on the list is the natural hazards disclosure.Market Conditions Advisory (MCA) Market Conditions Advisory, also known as MCA, covers items more financial in nature.State Transfer Disclosure.Local Transfer Disclosure.Megan's Law Disclosures.
There are two types of disclosure: financial and business interest (collectively referred to as ?financial disclosure?).
As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers.
A Seller's Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property's condition that prospective buyers may find unfavorable. This document is also known as a property disclosure, and it's important for both those buying a house and for those selling a house.
Every home sold in Oregon is sold as-is, however, the buyer has the right to negotiate any and all repairs. This does not mean that you do not need to disclose known problems with the house. You MUST disclose known issues to the buyer.
A property disclosure statement is a series of documents the seller is legally bound to present to a buyer once a written offer is in hand. These documents must truthfully disclose any and all issues, defects, or previous repairs or relevant history of the home.
A basic disclosure is the most common and lowest level of disclosure available. It includes information on any 'unspent' convictions the person has.
A Portland Residential Real Estate Sales Disclosure Statement is a document provided by the seller to potential buyers in Portland that discloses any known issues or defects with the property.
The Sales Disclosure Statement is important as it helps buyers make informed decisions about purchasing a property by providing them with information about its condition and potential problems.
The Sales Disclosure Statement includes details about the property's physical condition, any past or present issues, repairs or renovations, and any known hazards or environmental concerns.
Examples of information disclosed in the Sales Disclosure Statement may include plumbing or electrical problems, water damage, presence of mold or asbestos, previous pest infestations, or any legal disputes related to the property.
The seller or their representative is responsible for filling out the Sales Disclosure Statement accurately and honestly.
If a seller fails to provide a Sales Disclosure Statement, it could lead to legal consequences, penalties, or potential claims by the buyer for non-disclosure of defects.
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]