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Oregon Residential Real Estate Sales Disclosure Statement

Oregon Property For Sale

Category:

Real Estate - Home Sale

State:

Oregon

Control #:

OR-37014

Format:

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Description

The Oregon Seller's Property Disclosure Statement, or Statement of Exclusion, is a crucial form that assists sellers in disclosing relevant property details to potential buyers for residential properties in Oregon. This form is structured to allow sellers to either disclose the property's condition or claim an exclusion from disclosure, with instructions to fill all sections applicable to the transaction. Key features include a detailed list of property conditions related to title, water sourcing, sewage systems, and dwelling structure. It demands full transparency from sellers and grants buyers the right to revoke their offers under specific circumstances. The form is vital for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it provides legal protection and clarity between parties. Users should complete the form diligently, ensuring each item is addressed to avoid legal repercussions. It emphasizes the importance of consultation with qualified specialists for thorough inspections, thereby safeguarding buyer interests. Overall, this disclosure statement enhances legal compliance and fosters informed decisions in property sales.

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How to fill out Oregon Residential Real Estate Sales Disclosure Statement?

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FAQ

Step 1: Price Your Home for Sale. Listing price is the single most important factor that will help you sell your house fast in Oregon. ... Step 2: Prep Your Home for Sale. ... Step 3: Market Your Home. ... Step 4: Manage Showings. ... Step 5: Review, Compare, and Negotiate Offers. ... Step 6: Close the Sale with a Professional.

Those who sell Oregon real property are subject to Oregon tax on the gain from the sale.

3 ways to sell your home without a realtor You can list it for-sale-by-owner (FSBO), hire an attorney to facilitate the transaction (if you're selling to a known buyer), or sell to a cash buyer.

Fully Disclose All Known Defects, Even If the Buyer Hires an Inspector. To protect their investment, buyers often have the house professionally inspected (after including this as a contingency in their purchase contract). An inspector will do a thorough examination of the house and likely prepare a written report.

Here are a few ideas: Sell appreciated assets in a tax-exempt trust: You can minimize your taxable capital gains by moving appreciated assets into a tax-exempt trust ? a Charitable Remainder Trust, for example ? before you sell.

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Residential Real Estate Sales Disclosure Statement

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 Â§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;

(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 Â§1; 1997 c.816 Â§15; 1999 c.307 Â§24; 1999 c.677 Â§65; 2001 c.300 Â§74; 2003 c.328 Â§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;

(d) Conservators; or

(e) Guardians.

(4) Sales or transfers by governmental agencies. [1993 c.547 Â§7; 1995 c.198 Â§1; 2003 c.328 Â§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 Â§Â§2,3; 2003 c.328 Â§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 Â§4b; 1997 c.631 Â§400; 2001 c.300 Â§69; 2003 c.328 Â§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 Â§5; 2003 c.328 Â§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 Â§8; 2003 c.328 Â§9]

Residential Real Estate Sales Disclosure Statement

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:

(2) "Real estate licensee" has the meaning given that term in ORS 696.010. [2003 c.328 Â§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) 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;

(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.

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:

(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;

(d) Conservators; or

(e) Guardians.

(4) Sales or transfers by governmental agencies. [1993 c.547 Â§7; 1995 c.198 Â§1; 2003 c.328 Â§5]

105.475 Buyer's statement of revocation of offer; criteria.

(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.

(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 Â§Â§2,3; 2003 c.328 Â§6]

105.480 Representations in disclosure statement; application.

(b) A real estate licensee engaged by the seller or buyer.

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.

Oregon Property For Sale

This form is part of a form package!

Description

Viewed forms

How to fill out Oregon Residential Real Estate Sales Disclosure Statement?

Form popularity

FAQ

How to sell property in Oregon?

Do I have to pay capital gains tax when I sell my house in Oregon?

Can I sell my home in Oregon without a realtor?

What must be disclosed when selling a house in Oregon?

How do I avoid capital gains tax in Oregon?

Trusted and secure by over 3 million people of the world’s leading companies

Oregon Property For Sale

This form is part of a form package!

Description

Related legal definitions

Viewed forms

How to fill out Oregon Residential Real Estate Sales Disclosure Statement?

Form popularity

FAQ

How to sell property in Oregon?

Do I have to pay capital gains tax when I sell my house in Oregon?

Can I sell my home in Oregon without a realtor?

What must be disclosed when selling a house in Oregon?

How do I avoid capital gains tax in Oregon?

Oregon Property For Sale Related Searches

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