Oregon Residential Real Estate Sales Disclosure Statement
What is this form?
The Residential Real Estate Sales Disclosure Statement is a crucial document for sellers in Oregon's residential real estate market. This form is designed to inform potential buyers about the condition of the property being sold. Unlike other real estate forms, this statement specifically focuses on the sellerâs knowledge regarding the physical condition of the property, including any existing defects or issues. It ensures transparency and protects both the seller and the buyer throughout the transaction process.
Key parts of this document
- Section 1: Exclusion criteria for sellers who are not required to complete full disclosures.
- Section 2: Seller's representations regarding the property's condition, including structural issues and system functionality.
- Detailed questions covering title, water, sewage systems, dwelling structure, and environmental hazards.
- Buyer's acknowledgment of the disclosure and their rights to revoke an offer based on the information provided.
- Verification statement allowing sellers to affirm the accuracy of their disclosures.
When to use this form
This form should be used whenever a residential property is being sold in Oregon. It is important for sellers to provide this disclosure statement to buyers as part of the purchase process. The form serves as a protective measure for both parties, ensuring that buyers are fully informed of any issues with the property, which may influence their decision to proceed with the transaction.
Who this form is for
Eligible users of this form include:
- Sellers of residential properties in Oregon.
- Real estate agents representing sellers or buyers in negotiations.
- Buyers seeking to understand the condition of a property before completing a purchase.
- Legal professionals advising on real estate transactions.
Completing this form step by step
- Identify the parties involved in the transaction, including the seller(s) and buyer(s).
- Complete Section 1 if claiming an exclusion, marking the specific reason and signing.
- If not claiming an exclusion, complete Section 2 by answering all questions regarding the property's condition.
- Ensure all fields are filled out completely, providing explanations where necessary.
- Sign and date each page of the form to validate the disclosures made.
Is notarization required?
This form does not typically require notarization unless specified by local law. However, it is important for sellers to sign each page to affirm the accuracy of the provided disclosures.
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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.
Common mistakes
- Leaving sections of the form blankâevery field must be completed or appropriately marked.
- Failing to provide required signatures on each page of the disclosure statement.
- Not clearly understanding or stating the exclusions claimed, which can lead to misunderstandings with buyers.
- Using vague language in explanations, which may not provide the necessary detail to the buyer.
Advantages of online completion
- Convenience of downloading and completing the form at your own pace without time constraints.
- Easy access to updates and revisions of the form to ensure compliance with current laws.
- Editable digital form that simplifies the process for making necessary changes before finalization.
- Access to guidance and support from licensed attorneys throughout the form completion process.
- The disclosure statement is legally binding and must present accurate information known by the seller.
- Sellers are protected from claims regarding undisclosed property issues as long as they have completed the form accurately.
- Buyers retain the right to revoke their offer within five days if discrepancies are found.
- The Residential Real Estate Sales Disclosure Statement is essential for ensuring transparency in property sales.
- Completing the form accurately protects sellers and informs buyers of potential issues.
- Oregon law mandates the use of this form in residential transactions, emphasizing its legal importance.
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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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