The Oregon residential real estate purchase agreement (“purchase agreement”) is an agreement between a home seller and a potential buyer. Typically, the buyer presents an offer to the home seller which includes conditions they are prepared to make and how long their offer will remain open.
The property seller may refuse, accept, or negotiate the offer up until its closing date. As soon as both parties have signed the agreement, the contract will be legally binding.
Required Seller Disclosures in Oregon
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Oregon, sellers are required to complete a real estate purchase agreement and the following disclosure statement for an agreement to be considered legally binding:
Seller’s Property Disclosure Statement. Prior to listing their home for sale, sellers are required to fill out a five-page property disclosure which lists everything they know about their home. Sellers must complete this disclosure and provide it to all buyers who submit a written offer to obtain their property. (ORS 105.464)