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.
Do Sellers in Oregon Have to Disclose Property Defects?
Oregon does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Oregon
Along with any material defects with the property, sellers in Oregon will also need to provide the following:
- 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.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.