Oregon Residential Real Estate Sales Disclosure Statement
What this document covers
The Residential Real Estate Sales Disclosure Statement is a legal document used in Oregon during residential sales transactions. This form is completed by the Seller to disclose the condition of the property to potential buyers. Unlike other forms, it specifically focuses on the property's current state and any known issues, providing transparency and protection for both parties involved in the transaction.
Main sections of this form
- Exclusion Clauses: Sections for Sellers to claim exclusions under Oregon law.
- Disclosure Information: Details regarding the property's title, water source, sewage systems, insulation, and structural integrity.
- Seller's Representations: Statements made by the Seller concerning the condition of the property.
- Buyer's Acknowledgment: A section where buyers confirm receipt and understanding of the disclosures made.
When to use this form
This form should be used whenever a Seller is selling a residential property in Oregon. It is required to disclose information about the property's condition before finalizing the sale. If the Seller knows of any material defects, this form helps prevent future disputes and gives the Buyer the right to evaluate those defects.
Who can use this document
- Residential property Sellers in Oregon.
- Buyers seeking transparency about the condition of the property they intend to purchase.
- Real estate agents facilitating the sale of residential properties.
How to prepare this document
- Identify the parties involved in the transaction, including the Seller and Buyer.
- Complete the Exclusion Clauses if applicable, providing necessary details for any exclusions claimed.
- Fill out the Sellerâs Property Disclosure Statement sections based on the current knowledge of the property's condition.
- Sign and date each page of the form to affirm accuracy and compliance.
- Provide a copy of the signed document to the Buyer and retain one for your records.
Does this form need to be notarized?
This form does not typically require notarization unless specified by local law.
Avoid these common issues
- Forgetting to sign and date each page of the form.
- Leaving questions unanswered or blank, which could lead to legal complications.
- Failing to disclose known issues or defects related to the property.
Why complete this form online
- Convenience: Downloadable and printable for easy access.
- Editability: Allows for revisions as you gather more information about the property.
- Reliability: Crafted by licensed attorneys to ensure compliance with legal standards.
Summary of main points
- The form is essential for residential real estate transactions in Oregon.
- It's imperative for Sellers to disclose all known issues to protect themselves legally.
- Buyers have the right to revoke their offer based on the disclosures provided.
Form popularity
FAQ
Do not exclude any information. Be honest. Write clearly. Use simple words in writing your income statement for disclosure. Attach necessary documents to your disclosure statement. Review and revise.
Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the buyer.
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