A home purchase is an important task for anyone. It also brings with it significant legal issues. Those legal issues are not as simple as water. For that reason, a home buyer needs to appoint a real estate lawyer or real estate agent versed in Oregon real estate laws.
Like all other US states, Oregon has real estate laws in place for its citizens. These are governed by the Oregon Revised Statutes. It is essential for Oregon citizens to know the basics of Oregon real estate laws. We are here to make it very easy to learn those basics with this article.
Benefits of appointing a Real Estate Agent
There is a massive benefit for a home buyer to appoint a real estate agent in Oregon. The real estate agent will help the buyer to protect the buyers’ rights. This, the agent’s legal responsibility, is “fiduciary duty”. It includes disclosure or utmost care and honesty. This will help both parties avoid conflict between them and ensure the right real estate agreement is in place.
Disclosure from the Seller under Oregon real estate laws
According to Section 105.464 of the Oregon Revised Statutes disclosing the selling property’s defects to the home or property buyer is mandatory. The law states that a seller has to provide a written disclosure statement to the potential buyer. The law also advises the seller to provide the disclosure statement to a buyer in person – hand to hand or by registered mail. If the seller fails to give a disclosure statement to the buyer before the formal offer is made, then the buyer may withdraw the offer or breach the acceptance without any liability. Furthermore, a home seller cannot give the disclosure in oral form. It should be in written form.
The Oregon State legislature has created a standard disclosure form. The home seller must fill in the details of the defects in this form. As per Oregon real estate laws, the seller then has to certify that all of the information is accurate as per the condition of the property. Finally, the buyer will sign after inspecting the home or property.
According to Section 105.464 of the Oregon Revised Statutes, the seller should disclose the following conditions of the selling property:
- Title of the property and existing encumbrances, such as easements and liens
- Domestic water sources and irrigation
- Sewage disposal
- Insulation, including whether ceilings, walls, and floors have insulation
- Dwelling structure, including whether the roof leaks and whether any impermissible additions exist
- Dwelling systems and fixtures, such as the electrical and plumbing components of the house
- Common interests, like homeowners’ association dues and shared common areas.
- The last question is: Are there any material defects in the home or property?
For most questions, you must answer “Yes”, “No,” or “Unknown”. Each answer must be based on your actual knowledge.
Federal Disclosure Law regarding Lead-Based Paint
In addition to state-mandated disclosures, for certain older houses, federal law also requires a lead paint disclosure. (42 U.S. Code § 4852d). If your house was built before 1978, you must provide the buyer with two things. The first is a pamphlet entitled “Protect Your Family from Lead in Your Home” and the second is a lead paint disclosure.
If you have any other queries regarding Oregon real estate laws, please do contact our learned real estate lawyer.