Oregon Residential Real Estate Sales Disclosure Statement
About this form
The Residential Real Estate Sales Disclosure Statement is a legal document required in Oregon that provides necessary disclosures about the condition of a residential property being sold. This form is completed by the seller, ensuring that potential buyers are informed about any known issues or defects with the property. Unlike other forms that might serve different purposes, this disclosure is specifically designed to safeguard both parties in residential sales transactions by promoting transparency and informed decision-making.
Key parts of this document
- Section 1: Exclusion claims for certain property sales, such as those being sold by financial institutions or never occupied.
- Section 2: Seller's property disclosure statement outlining the condition of the property, including title issues and the status of systems like plumbing and electrical.
- General representations regarding the propertyâs features, including potential environmental hazards and maintenance agreements.
- Seller's verification of the information provided and acknowledgment of the buyerâs understanding of the disclosures.
When to use this form
This form should be used whenever a seller is a natural person or entity intending to sell residential real estate in Oregon. It is particularly critical for transactions where the seller has knowledge of conditions that may affect the property value or desirability. The form is also necessary if sellers are claiming an exclusion under Oregon law, as failure to disclose can give buyers the right to revoke their offers before the closing of the transaction.
Who should use this form
- Sellers of residential properties in Oregon.
- Real estate agents representing sellers in residential transactions.
- Prospective buyers who want to ensure the seller complies with disclosure requirements.
- Financial institutions or legal representatives involved in property transactions.
How to prepare this document
- Fill out the form completely, ensuring all spaces are filled without omissions.
- Specify the propertyâs condition in Section 2, responding truthfully to each item.
- For exclusion claims, complete Section 1 appropriately and initial where indicated.
- Date and sign each page of the disclosure statement.
- Provide the completed form to each potential buyer who submits a written offer.
Is notarization required?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to complete all sections or leaving spaces blank.
- Not signing or dating the disclosure statement on each page.
- Incorrectly claiming exclusions without meeting legal criteria.
- Providing misleading information about the condition of the property.
Why complete this form online
- Convenience of accessing and completing the form from home.
- Editable text allows for accurate and thorough disclosures.
- Reliability of forms drafted by licensed attorneys, ensuring legal compliance.
- Easy to download and share with potential buyers.
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.
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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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