Chapter 328 Oregon Laws 2003

 

AN ACT

 

SB 515

 

Relating to real estate disclosure; creating new provisions; and amending ORS 105.465, 105.470, 105.475, 105.480, 105.485 and 105.490.

 

Be It Enacted by the People of the State of Oregon:

 

          SECTION 1. ORS 105.465 is amended to read:

          105.465. (1) The provisions of ORS 105.465 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:

          (A) Real property consisting of or improved by one to four dwelling units;

          (B) A condominium unit as defined in ORS 100.005 and not subject to disclosure under ORS 100.705;

          (C) A timeshare property as defined in ORS 94.803 and not subject to disclosure under ORS 94.829; and

          (D) A manufactured dwelling, as defined in ORS 446.003, that is owned by the same person who owns the land upon which the manufactured dwelling is situated.

          (b) Do not apply to a leasehold in real property.

          [(2) A seller shall deliver one of the following to each buyer who makes a written offer to purchase real property in this state:]

          [(a) A written disclaimer that the seller makes no representations or warranties as to the condition of the real property or any improvement thereon and that the buyer will be purchasing the property “as is,” that is, with all defects, if any; or]

          [(b) A seller’s property disclosure statement in substantially the following form:]

[____________________________________________________________________________]

 

SELLER’S PROPERTY DISCLOSURE

STATEMENT

(NOT A WARRANTY)

(105.465)

 

INSTRUCTIONS TO THE SELLER

 

Please complete the following form. Do not leave any spaces blank unless the question clearly does not apply to the property. Please refer to the line number(s) of the question(s) when you provide your explanation(s). For your protection you must date and sign each page of this disclosure statement and each attachment.

 

NOTICE TO THE BUYER

 

THE FOLLOWING REPRESENTATIONS ARE MADE BY THE SELLER(S), CONCERNING THE CONDITION OF THE PROPERTY LOCATED AT __________. (“THE PROPERTY”).

 

DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER’S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME OF DISCLOSURE. YOU HAVE FIVE BUSINESS DAYS FROM THE SELLER’S DELIVERY OF THIS SELLER’S DISCLOSURE STATEMENT TO REVOKE YOUR OFFER BY DELIVERING YOUR SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER, UNLESS YOU WAIVE THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.

 

FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY YOU ARE ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF A QUALIFIED SPECIALIST TO INSPECT THE PROPERTY ON YOUR BEHALF, FOR EXAMPLE, ARCHITECTS, ENGINEERS, PLUMBERS, ELECTRICIANS, ROOFERS, BUILDING INSPECTORS, OR PEST AND DRY ROT INSPECTORS.

 

Seller:__________. is/_____. is not occupying the property.

 

        I.  SELLER’S REPRESENTATIONS:

            The following are representations

            made by the seller and are not the

            representations of any financial

            institution that may have made or

            may make a loan pertaining to

            the property, or that may have or

            take a security interest in the

            property.

 

                          1.   TITLE

[   ]Yes[   ]No         A.  Do you have legal

                                     authority to sell the

                                     property?

[   ]Yes[   ]No      * B.   To your knowledge, is

                                     title to the property

                                     subject to any of the

                                     following:

                                     (1)      First right of refusal

                                     (2)      Option

                                     (3)      Lease or rental

                                          agreement

                                     (4)      Other listing

                                     (5)      Life estate?

[   ]Yes[   ]No      * C.  Are you aware of any

                                     encroachments, bound-

                                     ary agreements, bound-

                                     ary disputes or recent

                                     boundary changes?

[   ]Yes[   ]No      * D.  Are you aware of any

                                     rights of way, ease-

                                     ments or licenses

                                     (access limitations)

                                     that may affect your

                                     interest in the

                                     property?

[   ]Yes[   ]No      * E.  Are you aware of any

                                     written agreements for

                                     joint maintenance of

                                     an easement or right

                                     of way?

[   ]Yes[   ]No         F.  Are you aware of any

                                     governmental study,

                                     survey or notices that

                                     would affect the

                                     property?

[   ]Yes[   ]No         G. Are you aware of any

                                     pending or existing

                                     assessments against the

                                     property?

[   ]Yes[   ]No         H.  Are you aware of any

                                     zoning violations or

                                     nonconforming uses?

[   ]Yes[   ]No      * I.    Are you aware of a

                                     boundary survey for the

                                     property?

[   ]Yes[   ]No      * J.   Are you aware of any

                                     covenants, conditions

                                     or restrictions which

                                     affect the property?

 

                          2.   WATER

                                A.  Household Water

 

                                     (1)  The source of the

                                          water is:

                                     [   ]Public[   ]Community

                                     [   ]Private[   ]Shared

                                     (2)  Water source infor-

                                          mation:

[   ]Yes[   ]No                     *a. Are you aware

                                            of any written

                                            agreements for

                                            shared water

                                            source?

[   ]Yes[   ]No                     *b. To your knowl-

                                            edge, is there

                                            an easement

                                            (recorded or

                                            unrecorded)

                                            for access to

                                            and/or main-

                                            tenance of the

                                            water source?

[   ]Yes[   ]No                     c. Are any known

                                            problems or

                                            repairs needed?

[   ]Yes[   ]No              (3) Are you aware of

                                          any water treat-

                                          ment systems for

                                          the property?

                                          [   ]Leased[   ]Owned

 

                                B.  Irrigation

[   ]Yes[   ]No              (1) Are you aware of

                                          any water rights

                                          for the property?

[   ]Yes[   ]No            *(2) If there exist any,

                                          to your knowledge,

                                          have the water

                                          water rights been

                                          used during the last

                                          five-year period?

[   ]Yes[   ]No            *(3) If so, is the certi-

                                          ficate available?

 

                                C.  Outdoor Sprinkler

                                     system

[   ]Yes[   ]No              (1) To your knowledge,

                                          is there an outdoor

                                          sprinkler system for

                                          the property?

[   ]Yes[   ]No              (2)      To your knowledge,

                                          has a back flow

                                          valve been

                                          installed?

[   ]Yes[   ]No              (3)      To your knowledge,

                                          is the outdoor

                                          sprinkler system

                                          operable?

 

                          3.   SEWAGE

[   ]Yes[   ]No         A.  To your knowledge, is

                                     the property connected

                                     to a sanitary sewer?

[   ]Yes[   ]No         B.  Are you aware of any

                                     sanitary sewer

                                     proposed for the

                                     property?

[   ]Yes[   ]No         C.  To your knowledge, is

                                     the property connected

                                     to a septic system or

                                     cesspool?

[   ]Yes[   ]No         D.  Are you aware of any

                                     problems or repairs

                                     needed?

[   ]Yes[   ]No         E.  To your knowledge,

                                     does your sewage

                                     system require on-site

                                     pumping to another

                                     level?

 

                          4.   INSULATION

 

                                A.  To your knowledge, is

                                     there insulation in the:

[   ]Yes[   ]No              (1)  Ceiling?

[   ]Yes[   ]No              (2)  Exterior walls?

[   ]Yes[   ]No              (3)  Floors?

[   ]Yes[   ]No         B.  To your knowledge,

                                     are there any

                                     defective insulated

                                     windows?

 

                          5.   STRUCTURAL

 

[   ]Yes[   ]No      *A.  To your knowledge,

                                    has the roof leaked?

[   ]Yes[   ]No             If yes, has it been

                                    repaired?

[   ]Yes[   ]No       B.   Additions/conversions/

                                    remodeling?

[   ]Yes[   ]No          * If yes, are you aware

                                    of whether a building

                                    permit was obtained?

[   ]Yes[   ]No             Was final inspection

                                    obtained?

[   ]Yes[   ]No       C.  To your knowledge,

                                    are there smoke

                                    alarms?

[   ]Yes[   ]No             If there are, which are

                                    electrical (hard-wired)?

                                    __________

[   ]Yes[   ]No       D.  To your knowledge, is

                                    there a woodstove?

                                    Make:__________

[   ]Yes[   ]No             Was it installed with a

                                    permit?

[   ]Yes[   ]No      *E.  Are you aware of

                                    whether a pest or

                                    dry rot, structural

                                    or “whole house”

                                    inspection has

                                    been done?

[   ]Yes[   ]No      *F.  Are you aware of any

                                    moisture problems in the

                                    structure (especially

                                    in the basement)? If

                                    yes, explain frequency

                                    and extent of prob-

                                    lem on attached sheet

[   ]Yes[   ]No      G.    Are you aware of a

                                    sump pump on the

                                    property?

 

                          6.   SYSTEMS AND FIXTURES

 

                                If the following systems or

                                fixtures are included in the

                                purchase price, are they, to

                                your knowledge, in good

                                working order on the date

                                this form is signed?

[   ]Yes[   ]No       A.   Electrical system,

                                    including wiring,

                                    switches, outlets

                                    and service

[   ]Yes[   ]No       B.   Plumbing system,

                                    including pipes,

                                    faucets, fixtures

                                    and toilets

[   ]Yes[   ]No       C.  Hot water tank

[   ]Yes[   ]No       D.  Garbage disposal

[   ]Yes[   ]No       E.   Built-in range and oven

[   ]Yes[   ]No       F.   Built-in dishwasher

[   ]Yes[   ]No       G.  Sump pump

[   ]Yes[   ]No       H.  Heating and cooling

                                    systems

[   ]Yes[   ]No       I.    Security system

                                    [   ]Owned[   ]Leased

 

                          7.   COMMON INTEREST

[   ]Yes[   ]No       A.   Home Owners’

                                    Association?

                                    Name of Association

                                    ____________.

                                    Contact Person

                                    ________

                                    Address

                                    ________

                                    Phone Number

                                                ________

[   ]Yes[   ]No       B.   Regular periodic

                                    assessments: $______.

                                    per[   ] Month [   ] Year

                                    [   ] Other_____

[   ]Yes[   ]No       C.  Are you aware of any

                                    pending special

                                    assessments?

[   ]Yes[   ]No       D.  Are you aware of any

                                    shared “common

                                    areas” or any joint

                                    maintenance agree-

                                    ments (facilities such

                                    as walls, fences, pools,

                                    tennis courts, walk-

                                    ways or other areas

                                    co-owned in undivided

                                    interest with others)?

 

                          8.   GENERAL

[   ]Yes[   ]No       A.   Are you aware of any

                                    settling, soil, standing

                                    water or drainage

                                    problems on the

                                    property or in the

                                    immediate area?

[   ]Yes[   ]No       B.   To your knowledge,

                                    does the property

                                    contain fill?

[   ]Yes[   ]No       C.  Are you aware of any

                                    material damage to the

                                    property or any of the

                                    structure from fire,

                                    wind, floods, beach

                                    movements, earthquake,

                                    expansive soils

                                    or landslides?

[   ]Yes[   ]No       D.  To your knowledge, is

                                    the property in a

                                    designated flood plain?

[   ]Yes[   ]No       E.   To your knowledge, is

                                    the property in a

                                    designated slide zone?

[   ]Yes[   ]No       F.   Are you aware of any

                                    substances, materials

                                    or products that may

                                    be an environmental

                                    hazard such as, but

                                    not limited to,

                                    asbestos, formaldehyde,

                                    radon gas, lead based

                                    paint, fuel or

                                    chemical storage

                                    tanks, and contaminated

                                    soil or water on the

                                    subject property?

[   ]Yes[   ]No       G.  Are you aware of any

                                    tanks or underground

                                    storage tanks (e.g.,

                                    septic, chemical, fuel,

                                    etc.) on the property?

[   ]Yes[   ]No       H.  To your knowledge,

                                    has the property ever

                                    been used as an

                                    illegal drug manu-

                                    facturing site?

 

                          9.   FULL DISCLOSURE BY

                                SELLERS

                              A.   Other conditions or

                                    defects

[   ]Yes[   ]No             Are you aware of any

                                    other material defects

                                    affecting this prop-

                                    erty or its value that

                                    a prospective buyer

                                    should know about?

                              B.   Verification

                                    The foregoing answers

                                    and attached explan-

                                    ations (if any) are

                                    complete and correct

                                    to the best of my/our

                                    knowledge and I/we

                                    have received a copy

                                    hereof. I/we authorize

                                    all of my/our agents

                                    to deliver a copy of

                                    this disclosure state-

                                    ment to other real

                                    estate licensees and

                                    all prospective buyers

                                    of the property.

 

DATE _____ SELLER _________________

SELLER ____________________________

 

                II.         BUYER’S

                            ACKNOWLEDGMENT

                            A.   As buyer(s), I/we

                                  acknowledge the duty

                                  to pay diligent

                                  attention to any

                                  material defects which

                                  are known to me/us or

                                  can be known by me/us

                                  by utilizing diligent

                                  attention and observation.

                            B.   Each buyer acknowledges

                                  and understands that the

                                  disclosures set forth in

                                  this statement and in any

                                  amendments to this

                                  statement are made only

                                  by the seller and are not

                                  the representations of any

                                  financial institution that

                                  may have made or may

                                  make a loan pertaining to

                                  the property, or that may

                                  have or take a security

                                  interest in the property

                                  and no such financial

                                  institution shall be

                                  bound by or have any

                                  liability with respect to

                                  any representation, mis-

                                  representation, omission,

                                  error or inaccuracy

                                  contained in another

                                  party’s disclosure state-

                                  ment required by this

                                  section or any amendment

                                  to the disclosure

                                  statement.

                            C.  Buyer (which term includes

                                  all persons signing the

                                  “buyer’s acceptance”

                                  portion of this disclosure

                                  statement below) hereby

                                  acknowledges receipt of

                                  a copy of this disclosure

                                  statement (including

                                  attachments, if any)

                                  bearing seller’s signature.

 

DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER’S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME OF DISCLOSURE. YOU, THE BUYER, HAVE FIVE BUSINESS DAYS FROM THE SELLER’S DELIVERY OF THIS SELLER’S DISCLOSURE STATEMENT TO REVOKE YOUR OFFER BY DELIVERING YOUR SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER UNLESS YOU WAIVE THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.

 

BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS SELLER’S DISCLOSURE STATEMENT.

 

DATE ___________

BUYER _______________________________

BUYER _______________________________

 

Agent to sign and date:

 

______________________Real Estate Licensee

 

______________________Real Estate Business

 

*If yes, attach a copy or explain on attached sheet

[____________________________________________________________________________]

 

          (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 section 3 of this 2003 Act to each buyer who makes a written offer to purchase real property in this state.

 

          SECTION 2. Sections 3 and 4 of this 2003 Act are added to and made a part of ORS 105.465 to 105.490.

 

          SECTION 3. A seller’s property disclosure statement must be in substantially the following form:

 

____________________________________________________________________________

 

If required under ORS 105.465, a seller shall deliver in substantially the following form the seller’s property disclosure statement to each buyer who makes a written offer to purchase real property in this state:

____________________________________________________________________________

 

INSTRUCTIONS TO THE SELLER

 

Please complete the following form. Do not leave any spaces blank. Please refer to the line number(s) of the question(s) when you provide your explanation(s). If you are not claiming an exclusion or refusing to provide the form under ORS 105.475 (4), you should date and sign each page of this disclosure statement and each attachment.

 

Each seller of residential property described in ORS 105.465 must deliver this form to each buyer who makes a written offer to purchase. Under ORS 105.475 (4), refusal to provide this form gives the buyer the right to revoke their offer at any time prior to closing the transaction. Use only the section(s) of the form that apply to the transaction for which the form is used. If you are claiming an exclusion under ORS 105.470, fill out only Section 1.

 

An exclusion may be claimed only if the seller qualifies for the exclusion under the law. If not excluded, the seller must disclose the condition of the property or the buyer may revoke their offer to purchase anytime prior to closing the transaction. Questions regarding the legal consequences of the seller’s choice should be directed to a qualified attorney.

____________________________________________________________________________

 

(DO NOT FILL OUT THIS SECTION UNLESS YOU ARE CLAIMING AN EXCLUSION UNDER ORS 105.470)

 

Section 1. EXCLUSION FROM ORS 105.465 TO 105.490:

 

You may claim an exclusion under ORS 105.470 only if you qualify under the statute. If you are not claiming an exclusion, you must fill out Section 2 of this form completely.

 

Initial only the exclusion you wish to claim.

 

_____This is the first sale of a dwelling never occupied. The dwelling is constructed or installed under building or installation permit(s) #_____, issued by________________.

 

_____This sale is by a financial institution that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure.

 

_____The seller is a court appointed receiver, personal representative, trustee, conservator or guardian.

 

_____This sale or transfer is by a governmental agency.

 

__________________________________

Signature(s) of Seller claiming exclusion

Date ___________

 

__________________________________

Buyer(s) to acknowledge Seller’s claim

Date ___________

______________________________________________________________________________

 

(IF YOU DID NOT CLAIM AN EXCLUSION IN SECTION 1, YOU MUST FILL OUT THIS SECTION.)

 

Section 2. SELLER’S PROPERTY DISCLOSURE STATEMENT

 

(NOT A WARRANTY)

(ORS ____ (SECTION 3 OF THIS 2003 ACT))

 

NOTICE TO THE BUYER:

THE FOLLOWING REPRESENTATIONS ARE MADE BY THE SELLER(S) CONCERNING THE CONDITION OF THE PROPERTY LOCATED AT _____________________ (“THE PROPERTY”).

 

DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER’S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME OF DISCLOSURE. BUYER HAS FIVE DAYS FROM THE SELLER’S DELIVERY OF THIS SELLER’S DISCLOSURE STATEMENT TO REVOKE BUYER’S OFFER BY DELIVERING BUYER’S SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER DISAPPROVING THE SELLER’S DISCLOSURE STATEMENT, UNLESS BUYER WAIVES THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.

 

FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY, BUYER is ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF A QUALIFIED SPECIALIST TO INSPECT THE PROPERTY ON BUYER’S BEHALF INCLUDING, FOR EXAMPLE, ONE OR MORE OF THE FOLLOWING: ARCHITECTS, ENGINEERS, PLUMBERS, ELECTRICIANS, ROOFERS, ENVIRONMENTAL INSPECTORS, BUILDING INSPECTORS, CERTIFIED HOME INSPECTORS, OR PEST AND DRY ROT INSPECTORS.

 

Seller ___ is/ ___ is not occupying the property.

 

I. SELLER’S REPRESENTATIONS:

 

The following are representations made by the seller and are not the representations of any financial institution that may have made or may make a loan pertaining to the property, or that may have or take a security interest in the property, or any real estate licensee engaged by the seller or the buyer.

 

*If you mark yes on items with *, attach a copy or explain on an attached sheet.

 

  1.   TITLE

A.    Do you have legal authority to sell the property?             [   ]Yes [   ]No [   ]Unknown

*B.                                                                      Is title to the property subject to any of the

        following:                                                                              [   ]Yes [   ]No [   ]Unknown

(1)   First right of refusal

(2)   Option

(3)   Lease or rental agreement

(4)   Other listing

(5)   Life estate?

*C.  Are there any encroachments, boundary

        agreements, boundary disputes or recent

        boundary changes?                                                              [   ]Yes [   ]No [   ]Unknown

*D.  Are there any rights of way, easements,

        licenses, access limitations or claims that

        may affect your interest in the property?                           [   ]Yes [   ]No [   ]Unknown

*E.   Are there any agreements for joint

        maintenance of an easement or right of way?                    [   ]Yes [   ]No [   ]Unknown

*F.   Are there any governmental studies, designations,

        zoning overlays, surveys or notices that would

        affect the property?                                                             [   ]Yes [   ]No [   ]Unknown

*G.  Are there any pending or existing governmental

        assessments against the property?                                    [   ]Yes [   ]No [   ]Unknown

*H.  Are there any zoning violations or

        nonconforming uses?                                                           [   ]Yes [   ]No [   ]Unknown

*I.   Is there a boundary survey for the property?                    [   ]Yes [   ]No [   ]Unknown

*J.   Are there any covenants, conditions,

        restrictions or private assessments that

        affect the property?                                                             [   ]Yes [   ]No [   ]Unknown

*K.  Is the property subject to any special tax

        assessment or tax treatment that may result

        in levy of additional taxes if the property

        is sold?                                                                                 [   ]Yes [   ]No [   ]Unknown

 

  2.   WATER

A.   Household water

(1)   The source of the water is (check ALL that apply):

        [   ]Public [   ]Community [   ]Private

        [   ]Other _____

(2)   Water source information:

*a.   Does the water source require a water permit?                 [   ]Yes [   ]No [   ]Unknown

        If yes, do you have a permit? [   ]YES [   ]NO

  b.   Is the water source located on the property?                     [   ]Yes [   ]No [   ]Unknown

        *If not, are there any written agreements for

        a shared water source?                                                      [   ]Yes [   ]No [   ]Unknown [   ]NA

*c.   Is there an easement (recorded or unrecorded)

        for your access to or maintenance of the water

        source?                                                                                 [   ]Yes [   ]No [   ]Unknown

  d.   If the source of water is from a well or spring,

        have you had any of the following in the past

        12 months? [   ]Flow test [   ]Bacteria test

        [   ]Chemical contents test                                                 [   ]Yes [   ]No [   ]Unknown [   ]NA

*e.   Are there any water source plumbing problems

        or needed repairs?                                                               [   ]Yes [   ]No [   ]Unknown

(3)   Are there any water treatment systems for

        the property?                                                                       [   ]Yes [   ]No [   ]Unknown

        [   ]Leased [   ]Owned

B.   Irrigation

(1)   Are there any [   ] water rights or [   ] other

        irrigation rights for the property?                                       [   ]Yes [   ]No [   ]Unknown

*(2)  If any exist, has the irrigation water been

        used during the last five-year period?                               [   ]Yes [   ]No [   ]Unknown [   ]NA

*(3)  Is there a water rights certificate or other

        written evidence available?                                               [   ]Yes [   ]No [   ]Unknown [   ]NA

C.   Outdoor sprinkler system

(1)   Is there an outdoor sprinkler system for the

        property?                                                                               [   ]Yes [   ]No [   ]Unknown

(2)   Has a back flow valve been installed?                              [   ]Yes [   ]No [   ]Unknown [   ]NA

(3)   Is the outdoor sprinkler system operable?                       [   ]Yes [   ]No [   ]Unknown [   ]NA

 

  3.   SEWAGE SYSTEM

A.   Is the property connected to a public or

        community sewage system?                                                 [   ]Yes [   ]No [   ]Unknown

B.   Are there any new public or community sewage

        systems proposed for the property?                                    [   ]Yes [   ]No [   ]Unknown

C.   Is the property connected to an on-site septic

        system?                                                                                 [   ]Yes [   ]No [   ]Unknown

        If yes, was it installed by permit?                                      [   ]Yes [   ]No [   ]Unknown [   ]NA

        *Has the system been repaired or altered?                        [   ]Yes [   ]No [   ]Unknown

        Has the condition of the system been

        evaluated and a report issued?                                            [   ]Yes [   ]No [   ]Unknown

        Has it ever been pumped?                                                 [   ]Yes [   ]No [   ]Unknown [   ]NA

        If yes, when? __________

*D.  Are there any sewage system problems or

        needed repairs?                                                                    [   ]Yes [   ]No [   ]Unknown

E.   Does your sewage system require on-site

        pumping to another level?                                                    [   ]Yes [   ]No [   ]Unknown

 

  4.   DWELLING INSULATION

A.   Is there insulation in the:

(1)   Ceiling?                                                                                 [   ]Yes [   ]No [   ]Unknown

(2)   Exterior walls?                                                                      [   ]Yes [   ]No [   ]Unknown

(3)   Floors?                                                                                  [   ]Yes [   ]No [   ]Unknown

B.   Are there any defective insulated doors or

        windows?                                                                               [   ]Yes [   ]No [   ]Unknown

 

  5.   DWELLING STRUCTURE

*A.  Has the roof leaked?                                                            [   ]Yes [   ]No [   ]Unknown

        If yes, has it been repaired?                                              [   ]Yes [   ]No [   ]Unknown [   ]NA

B.   Are there any additions, conversions or

        remodeling?                                                                          [   ]Yes [   ]No [   ]Unknown

        If yes, was a building permit required?                             [   ]Yes [   ]No [   ]Unknown [   ]NA

        If yes, was a building permit obtained?                             [   ]Yes [   ]No [   ]Unknown [   ]NA

        If yes, was final inspection obtained?                                [   ]Yes [   ]No [   ]Unknown [   ]NA

C.   Are there smoke alarms or detectors?                                [   ]Yes [   ]No [   ]Unknown

D.   Is there a woodstove included in the sale?                          [   ]Yes [   ]No [   ]Unknown

        Make __________

*E.   Has pest and dry rot, structural or

        “whole house” inspection been done

        within the last three years?                                                  [   ]Yes [   ]No [   ]Unknown

*F.   Are there any moisture problems, areas of

        water penetration, mildew odors or other

        moisture conditions (especially in the

        basement)?                                                                            [   ]Yes [   ]No [   ]Unknown

        *If yes, explain on attached sheet the frequency and

        extent of problem and any insurance claims,

        repairs or remediation done.

G.   Is there a sump pump on the property?                               [   ]Yes [   ]No [   ]Unknown

H.   Are there any materials used in the

        construction of the structure that are or

        have been the subject of a recall, class

        action suit, settlement or litigation?                                    [   ]Yes [   ]No [   ]Unknown

        If yes, what are the materials? _____

(1)   Are there problems with the materials?                            [   ]Yes [   ]No [   ]Unknown [   ]NA

(2)   Are the materials covered by a warranty?                        [   ]Yes [   ]No [   ]Unknown [   ]NA

(3)   Have the materials been inspected?                                 [   ]Yes [   ]No [   ]Unknown [   ]NA

(4)   Have there ever been claims filed for these

        materials by you or by previous owners?                          [   ]Yes [   ]No [   ]Unknown [   ]NA

        If yes, when? _____

(5)   Was money received?                                                        [   ]Yes [   ]No [   ]Unknown [   ]NA

(6)   Were any of the materials repaired or

        replaced?                                                                            [   ]Yes [   ]No [   ]Unknown [   ]NA

 

  6.   DWELLING SYSTEMS AND FIXTURES

        If the following systems or fixtures are included

        in the purchase price, are they in good working

        order on the date this form is signed?

A.   Electrical system, including wiring, switches,

        outlets and service                                                                [   ]Yes [   ]No [   ]Unknown

B.   Plumbing system, including pipes, faucets,

        fixtures and toilets                                                                [   ]Yes [   ]No [   ]Unknown

C.   Water heater tank                                                                [   ]Yes [   ]No [   ]Unknown

D.   Garbage disposal                                                                [   ]Yes [   ]No [   ]Unknown [   ]NA

E.   Built-in range and oven                                                      [   ]Yes [   ]No [   ]Unknown [   ]NA

  F.   Built-in dishwasher                                                             [   ]Yes [   ]No [   ]Unknown [   ]NA

G.   Sump pump                                                                         [   ]Yes [   ]No [   ]Unknown [   ]NA

H.   Heating and cooling systems                                             [   ]Yes [   ]No [   ]Unknown [   ]NA

  I.   Security system [   ]Owned [   ]Leased                             [   ]Yes [   ]No [   ]Unknown [   ]NA

  J.   Are there any materials or products used in

        the systems and fixtures that are or have

        been the subject of a recall, class action

        settlement or other litigations?                                            [   ]Yes [   ]No [   ]Unknown

        If yes, what product? __________

(1)   Are there problems with the product?                                 [   ]Yes [   ]No [   ]Unknown

(2)   Is the product covered by a warranty?                                [   ]Yes [   ]No [   ]Unknown

(3)   Has the product been inspected?                                         [   ]Yes [   ]No [   ]Unknown

(4)   Have claims been filed for this product

         by you or by previous owners?                                           [   ]Yes [   ]No [   ]Unknown

        If yes, when? __________

(5)   Was money received?                                                          [   ]Yes [   ]No [   ]Unknown

(6)   Were any of the materials or products repaired

        or replaced?                                                                          [   ]Yes [   ]No [   ]Unknown

 

  7.   COMMON INTEREST

A.   Is there a Home Owners’ Association

        or other governing entity?                                                    [   ]Yes [   ]No [   ]Unknown

        Name of Association or Other Governing

        Entity __________

        Contact Person ____________

        Address _______________

        Phone Number ____________

B.   Regular periodic assessments: $___

        per [   ]Month [   ]Year[   ]Other ___

*C.  Are there any pending or proposed special

        assessments?                                                                        [   ]Yes [   ]No [   ]Unknown

D.   Are there shared “common areas” or joint

        maintenance agreements for facilities like

        walls, fences, pools, tennis courts, walkways

        or other areas co-owned in undivided interest

        with others?                                                                           [   ]Yes [   ]No [   ]Unknown

E.   Is the Home Owners’ Association or other

        governing entity a party to pending litigation

        or subject to an unsatisfied judgment?                              [   ]Yes [   ]No [   ]Unknown [   ]NA

  F.   Is the property in violation of recorded

        covenants, conditions and restrictions or in

        violation of other bylaws or governing rules,

        whether recorded or not?                                                   [   ]Yes [   ]No [   ]Unknown [   ]NA

 

  8.   GENERAL

A.   Are there problems with settling, soil,

        standing water or drainage on the property

        or in the immediate area?                                                    [   ]Yes [   ]No [   ]Unknown

B.   Does the property contain fill?                                            [   ]Yes [   ]No [   ]Unknown

C.   Is there any material damage to the property or

        any of the structure(s) from fire, wind, floods,

        beach movements, earthquake, expansive soils

        or landslides?                                                                        [   ]Yes [   ]No [   ]Unknown

D.   Is the property in a designated floodplain?                         [   ]Yes [   ]No [   ]Unknown

E.   Is the property in a designated slide or other

        geologic hazard zone?                                                           [   ]Yes [   ]No [   ]Unknown

*F.   Has any portion of the property been tested

        or treated for asbestos, formaldehyde, radon

        gas, lead-based paint, mold, fuel or chemical

        storage tanks or contaminated soil or water?                    [   ]Yes [   ]No [   ]Unknown

G.   Are there any tanks or underground storage

        tanks (e.g., septic, chemical, fuel, etc.)

        on the property?                                                                   [   ]Yes [   ]No [   ]Unknown

H.   Has the property ever been used as an illegal

        drug manufacturing or distribution site?                             [   ]Yes [   ]No [   ]Unknown

        *If yes, was a Certificate of Fitness issued?                      [   ]Yes [   ]No [   ]Unknown

 

  9.   FULL DISCLOSURE BY SELLERS

*A.  Are there any other material defects

        affecting this property or its value

        that a prospective buyer should

        know about?                                                                        [   ]Yes [   ]No

        *If yes, describe the defect on attached sheet

        and explain the frequency and extent of the

        problem and any insurance claims, repairs or

        remediation.

B.   Verification:

        The foregoing answers and attached explanations (if any) are complete and correct to the best of my/our knowledge and I/we have received a copy of this disclosure statement. I/we authorize my/our agents to deliver a copy of this disclosure statement to all prospective buyers of the property or their agents.

 

        Seller(s) signature:

 

        SELLER ________________________________ DATE ____________

 

        SELLER ________________________________ DATE ____________

 

____________________________________________________________________________

 

II. BUYER’S ACKNOWLEDGMENT

 

A. As buyer(s), I/we acknowledge the duty to pay diligent attention to any material defects that are known to me/us or can be known by me/us by utilizing diligent attention and observation.

 

B. Each buyer acknowledges and understands that the disclosures set forth in this statement and in any amendments to this statement are made only by the seller and are not the representations of any financial institution that may have made or may make a loan pertaining to the property, or that may have or take a security interest in the property, or of any real estate licensee engaged by the seller or buyer. A financial institution or real estate licensee is not bound by and has no liability with respect to any representation, misrepresentation, omission, error or inaccuracy contained in another party’s disclosure statement required by this section or any amendment to the disclosure statement.

 

C. Buyer (which term includes all persons signing the “buyer’s acknowledgment” portion of this disclosure statement below) hereby acknowledges receipt of a copy of this disclosure statement (including attachments, if any) bearing seller’s signature(s).

 

DISCLOSURES, IF ANY, CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER’S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME OF DISCLOSURE. IF THE SELLER HAS FILLED OUT SECTION 2 OF THIS FORM, YOU, THE BUYER, HAVE FIVE DAYS FROM THE SELLER’S DELIVERY OF THIS DISCLOSURE STATEMENT TO REVOKE YOUR OFFER BY DELIVERING YOUR SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER DISAPPROVING THE SELLER’S DISCLOSURE UNLESS YOU WAIVE THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.

 

BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS SELLER’S PROPERTY DISCLOSURE STATEMENT.

 

BUYER _____________________________________ DATE ____________

 

BUYER _____________________________________ DATE ____________

 

Agent receiving disclosure statement on buyer’s behalf to sign and date:

 

_______________________________________Real Estate Licensee

 

_______________________________________Real Estate Firm

 

Date received by agent _________________

 

____________________________________________________________________________

 

          SECTION 4. For purposes of ORS 105.465 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.

 

          SECTION 5. ORS 105.470 is amended to read:

          105.470. ORS 105.465 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) Court appointed receivers, personal representatives, trustees, conservators or guardians.]

          [(4) A seller who has never occupied any part of the real property, provided the seller represents in writing that the seller has no knowledge of any material defects in the real property except for those set out in the writing, and further provided that the seller advises the buyer in writing to obtain a qualified inspector.]

          (3) The following sellers, if appointed by a court:

          (a) Receivers;

          (b) Personal representatives;

          (c) Trustees;

          (d) Conservators; or

          (e) Guardians.

          [(5)] (4) Sales or transfers by governmental agencies.

 

          SECTION 6. ORS 105.475 is amended to read:

          105.475. [(1) The following statement shall be included in the body of a seller’s disclaimer: “YOU HAVE SEVEN BUSINESS DAYS FROM SELLER’S DELIVERY OF THIS DISCLAIMER TO REVOKE YOUR OFFER BY DELIVERING YOUR SIGNED WRITTEN STATEMENT TO SELLER TO THAT EFFECT. YOU HAVE AN OBLIGATION TO PERFORM WITH DUE DILIGENCE YOUR OFFER TO PURCHASE IN GOOD FAITH.”]

          [(2) If a seller issues a disclaimer 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 seven business days after delivery of the disclaimer to revoke the buyer’s offer by delivering to the seller a separate signed written statement to that effect.]

          [(3)] (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 [to that effect] of revocation disapproving the seller’s disclosure.

          [(4)] (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.

          [(5)] (3) If a buyer closes the transaction, the buyer’s right to revoke based on ORS 105.465 to 105.490, 696.301 and 696.870 is terminated.

          [(6)] (4) If the seller fails or refuses to provide a [disclosure or disclaimer] seller’s property disclosure statement as required under this section, the buyer shall have a right of revocation until [such] the right is terminated pursuant to subsection [(5)] (3) of this section.

          [(7)] (5) If the buyer revokes the offer pursuant to [subsections (2) to (9) of] this section, notwithstanding ORS 696.581, the buyer [shall be] 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.

          [(8)] (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 [shall be] are released from all liability for the deposits and other considerations.

          [(9)] (7) Any [disclaimer or] seller’s property disclosure statement issued by the seller is part of and incorporated into the offer and the acceptance.

 

          SECTION 7. ORS 105.480 is amended to read:

          105.480. (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[, and no]. 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[,].

          (b) A real estate licensee engaged by the seller or buyer.

          (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 [another party’s] the seller’s property disclosure statement required by ORS 105.465 or any amendment to the disclosure statement.

          [(2) For purposes of ORS 105.465 to 105.490, “financial institution” has the meaning given that term in ORS 706.008 and also includes mortgage bankers and mortgage brokers as those terms are defined in ORS 59.840, and consumer finance companies licensed under ORS chapter 725.]

 

          SECTION 8. ORS 105.485 is amended to read:

          105.485. The burden of proof of lawful delivery of a seller’s [disclaimer or seller’s] property disclosure statement and any amendment thereto [shall be] is on the seller. The burden of proof of lawful delivery of a notice of revocation of a buyer’s offer [shall be] is on the buyer.

 

          SECTION 9. ORS 105.490 is amended to read:

          105.490. ORS 105.465 to 105.490, 696.301 and 696.870 [shall] 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.

 

Approved by the Governor June 12, 2003

 

Filed in the office of Secretary of State June 12, 2003

 

Effective date January 1, 2004

__________