An Oregon property disclosure statement is used for homeowners to provide detailed information about a property they intend to sell and to relay any defects the property may have to a prospective buyer. Most importantly, it serves to point out material defects in the property that may dissuade a buyer or alter the asking price for the property. This form must be provided to any buyer who makes a written purchase offer and must be filled out carefully by the seller. If the document is not provided to a potential buyer, then that buyer may rescind their offer without consequence.
Upon receipt, the prospective buyer has five (5) business days to review the document and, if dissatisfied, revoke their offer via a signed statement of revocation.
Laws – ORS 105.465(2)
Purchase Agreement – This document is used by prospective buyers to make an offer on a residential property.