An Oregon residential purchase agreement is a legally binding document used between the seller and the buyer of a residential property. It outlines the buyer’s proposal, specifying a period during which the owner must accept the conditions before the offer expires.
This agreement records key information about the sale, including its terms and conditions, the amount of earnest money to be held prior to closing, and any desired contingencies. The terms become legally binding once both parties have signed the document.
State Laws
- Review Period: The buyer has five days after receiving the property disclosure statement to review it and decide whether to rescind the pending offer. [1]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
The seller must provide a disclosure of the property's condition and any material defect. (§ 105.465(2))
Do Sellers in Oregon Have to Disclose Property Defects?
Yes, sellers in Oregon are obligated to disclose any known issues with the property to potential buyers.
