Laws Governing Private Land Sales in Oregon
In the sale of private land, Oregon law requires a seller to provide a disclosure statement to any buyer who intends to use the property as a residence for the buyer or the buyer's spouse, parent or child. A disclosure statement is a statement that discloses known facts to the seller that are not ascertainable by the buyer and materially affect the value of the property.
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Disclosure
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Oregon's disclosure law applies to real property that consists of one to four units, condominiums, timeshares and manufactured property owned by the same person that owns the land on which the manufactured home is stationed. Every buyer that makes an offer to purchase property must receive a signed disclosure statement from the seller. Only the seller's representations, and not the financial institution, are a part of the disclosure statement.
Exclusions
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Oregon's disclosure law does not apply in certain situations. A seller does not have to provide a disclosure statement if it is the first sale of a dwelling that was never lived in or if the seller is a financial institution acting as a custodian or a court-appointed trustee or guardian.
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Revocation
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A buyer has the right to revoke an offer if one of two conditions are met. After the seller delivers the seller's disclosure statement to the buyer, if the buyer has not yet waived the right to revoke the offer in writing, the buyer has five days from the date of delivery of the disclosure statement to revoke the offer by delivering a signed, written revocation to the buyer. If the seller fails to deliver a disclosure statement to the buyer, the buyer has the right to revoke the offer until the close of the real estate transaction.
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