An Oregon residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Oregon Have To Disclose Property Defects?
Oregon does require real estate sellers to disclose any material defects with a property. In most cases, this is through a disclosure whose form is provided by statute.
The seller always has a duty to disclose all material defects covered by the statutory requirement, even when the buyer agrees to take the property “as-is.”
Oregon exempts the following common transfers, among others, from the standard disclosure form requirement:
- Court-ordered sales and transfers
- Sales by foreclosure or other debt default
- First sale of a dwelling that’s never been occupied
- Transfers to or from a government entity
Required Seller Disclosures in Oregon
Oregon sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Seller’s Property Disclosure Statement: Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
Sources
- 1 Or. Rev. Stat. 105.470
-
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.
Source Link
