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 §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:
(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 §1; 1997
c.816 §15; 1999 c.307 §24; 1999 c.677 §65; 2001 c.300 §74;
2003 c.328 §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:
(4) Sales or transfers by governmental
agencies. [1993 c.547 §7; 1995 c.198 §1; 2003 c.328 §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 §§2,3; 2003 c.328 §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.
(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 §4b; 1997 c.631
§400; 2001 c.300 §69; 2003 c.328 §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 §5;
2003 c.328 §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 §8; 2003 c.328 §9]
