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Oregon Residential Real Estate Sales Disclosure Statement

Property Any Sale Witham

Category:

Real Estate - Home Sale

State:

Oregon

Control #:

OR-37014

Format:

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Description

The Seller's Property Disclosure Statement, or Statement of Exclusion, is a critical legal document under Oregon Revised Statutes, specifically ORS 105.464. This form must be completed by sellers of residential properties and outlines the condition of the property based on the seller's actual knowledge. Key features include sections for claiming exclusions, disclosing property conditions, and representations made by the seller. Completion directives instruct sellers to not leave any sections blank and to sign each page and attachment unless exempt under specified statutes. This form enables buyers to revoke their offer prior to closing if the seller fails to provide this disclosure. It is particularly useful for attorneys, partners, and associates in assessing property conditions for litigation or transactions, while legal assistants and paralegals would benefit from understanding the documentation requirements for compliance. In addition, owners can ensure proper disclosure to mitigate potential liabilities. The form emphasizes clarity and thoroughness in property representations, making it essential for informed real estate practices.

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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.

Property Any Sale Witham

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Property Any Sale Witham

This form is part of a form package!

Description

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