72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 1568
House Bill 2924
Sponsored by COMMITTEE ON JUDICIARY
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Modifies provisions relating to seller's disclosure of
interests in property. Requires seller to disclose common
interests when selling property under written disclaimer
statement or under certain other specified circumstances.
A BILL FOR AN ACT
Relating to property disclosure; creating new provisions; and
amending ORS 94.670, 100.480, 105.465, 105.470, 105.475,
105.480 and 105.485.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Section 2 of this 2003 Act is added to and made
a part of ORS 105.465 to 105.490. + }
SECTION 2. { + As used in ORS 105.465 to 105.490:
(1) 'Common property' means:
(a) The general and limited common elements of a condominium;
or
(b) The real property or interest in real property that is:
(A) Owned, rented, leased or held by an association or other
governing entity;
(B) Owned, rented, leased or held by the owners of the lots or
units as tenants in common; or
(C) Designated as common property in the declaration or other
governing document.
(2) 'Financial institution' has the meaning given that term in
ORS 706.008 and also includes:
(a) Mortgage bankers as defined in ORS 59.840;
(b) Mortgage brokers as defined in ORS 59.840; and
(c) Consumer finance companies licensed under ORS chapter 725.
(3) 'Governing document' means:
(a) A declaration containing covenants, conditions and
restrictions;
(b) A set of bylaws;
(c) A plat; or
(d) Another instrument relating to common ownership or
maintenance of four or more lots.
(4) 'Governing entity' means an individual, committee or person
that has authority under a governing document to maintain
property, to impose assessments on lots or to act on behalf of
the owners of four or more lots regarding matters of common
concern.
(5) 'Lot' has the meaning given the term in ORS 92.010.
(6) 'Reserve funding plan' means a plan for regular and
adequate contributions for the maintenance, repair and
replacement of common property or common elements as described in
ORS 94.595 and 100.175.
(7) 'Unit' has the meaning given the term in ORS 94.550 and
100.005. + }
SECTION 3. 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 - }
{ + that is + }not subject to disclosure under ORS 100.705;
(C) A timeshare property as defined in ORS 94.803 { - and - }
{ + that is + } not subject to disclosure under ORS 94.829;
{ - and - }
(D) A manufactured dwelling, as defined in ORS 446.003, that
is { + :
(i) + } Owned by the same person who owns the land upon which
the manufactured dwelling is situated { + ; and
(ii) Not subject to disclosure under ORS 92.305 to 92.495; and
(E) An unimproved lot or parcel if the owner is required to be
a member of an association of owners or subject to some other
governing entity + }.
(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 { + :
(A) In which + } { - 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 { + ; and
(B) That contains a Seller's Common Interest Information
Statement in substantially the form provided in ORS 105.470 (2)
if the real property is within a planned community or condominium
development or if ownership of the real property requires the
owner to be a member of an association of owners or subject to
any other governing entity + }; 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.
{ + THE PROPERTY ___ IS/ ___ IS NOT WITHIN A PLANNED COMMUNITY
OR CONDOMINIUM DEVELOPMENT WITH AN ASSOCIATION OF OWNERS OR OTHER
GOVERNING ENTITY. + }
{ + WHEN PURCHASING A RESIDENTIAL LOT OR DWELLING WITHIN A
PLANNED COMMUNITY OR CONDOMINIUM DEVELOPMENT, YOU SHOULD: + }
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
1. CONSIDER THE TYPE OF COMMUNITY.
Give careful consideration to
whether you want to live in an
atmosphere of community living
in which the interest of the group
of owners must be taken into
account as well as the interest
of the individual owner.
Restrictive covenants and
conditions governing the use and
occupancy of the property, the
establishment of an association or
other governing entity or the
operation and maintenance of the
community have been recorded in
the deed records of the county. As
an owner of property, you may be
required to be a member of an
association of owners or subject
to some other governing entity.
You may be obligated to pay
assessments to the governing
entity. The amount of assessments
may change periodically. For
further information about
ownership rights and
responsibilities, a prospective
purchaser may want to obtain a
copy of the Oregon Planned
Community Act, ORS 94.550 to
94.783, or the Oregon Condominium
Act, ORS chapter 100. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
2. REVIEW THE GOVERNING DOCUMENTS.
Request and carefully review the
governing documents for the
community, the plat and any rules,
regulations or resolutions of the
association or other governing
entity.
An owner must provide a prospective
purchaser with copies of the
Declaration of Covenants,
Conditions and Restrictions or
other governing document and the
bylaws of the governing entity.
The declaration or other governing
document and the bylaws may contain
provisions relating to maintenance
obligations, restrictions and
requirements for the use and
occupancy of residences and common
property, and the authority of the
governing entity to adopt rules
relating to the community,
including residential use,
parking, age or pet restrictions. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
3. REQUEST ADDITIONAL INFORMATION.
Upon written request of an owner,
an association of owners must make
certain documents available for
examination and duplication. The
association may charge a
reasonable fee. A prospective
purchaser may want to ask the owner
to provide the following documents
or information:
A. The rules, regulations or
resolutions adopted by the
association.
B. The recorded plat.
C. The current budget of the
association.
D. The most recent financial
statement of the association.
E. A certificate of insurance
showing the insurance coverage
of the association.
F. A current reserve study.
G. Information on whether the
declarant has turned the
responsibility for administration
of the association over to the
owners.
H. Information on whether there
are unsatisfied judgments
against the association.
I. Information on whether conditions
of any of the common property
violate health or building codes.
J. A statement of assessments against
the property due and payable to
the association. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
Seller ___ is/ ___ is not occupying the property.
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
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.
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
1.TITLE
µ ºYesµ ºNoA. Do you have legal
authority to sell the
property?
µ ºYesµ ºN*B. To your knowledge, is
title to the property
subject to any of the
following:
(First right of refusal { +
? + }
(Option { +
? + }
(Lease or rental
agreement { +
? + }
(Other listing { +
? + }
(Life estate?
µ ºYesµ ºN*C. Are you aware of any
encroachments, bound-
ary agreements, bound-
ary disputes or recent
boundary changes?
µ ºYesµ ºN*D. Are you aware of any
rights of way, ease-
ments or licenses
(access limitations)
that may affect your
interest in the
property?
µ ºYesµ ºN*E. Are you aware of any
written agreements for
joint maintenance of
an easement or right
of way?
µ ºYesµ ºNoF. Are you aware of any
governmental study,
survey or notices that
would affect the
property?
µ ºYesµ ºNoG. Are you aware of any
pending or existing
assessments against the
property?
µ ºYesµ ºNoH. Are you aware of any
zoning violations or
nonconforming uses?
µ ºYesµ ºN*I. Are you aware of a
boundary survey for the
property?
µ ºYesµ ºN*J. Are you aware of any
covenants, conditions
or restrictions which
affect the property?
{ +
µ ºYesµ ºN*K. If the property is part of
a planned community or
condominium development,
are you aware of any
utilities provided to
the property by the
governing entity? If
yes, specify utilities:
________ + }
2.WATER
A. Household Water
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
(The source of the
water is:
µ ºPublicµ ºCommunity
µ ºPrivateµ ºShared
(Water source infor-
mation:
µ ºYesµ ºNo *a. Are you aware
of any written
agreements for
shared water
source?
µ ºYesµ ºNo *b. To your knowl-
edge, is there
an easement
(recorded or
unrecorded)
for access to
and/or main-
tenance of the
water source?
µ ºYesµ ºNo c. Are any known
problems or
repairs needed?
µ ºYesµ ºNo (Are you aware of
any water treat-
ment systems for
the property?
µ ºLeasedµ ºOwned
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
B. Irrigation
µ ºYesµ ºNo (1) Are you aware of
any water rights
for the property?
µ ºYesµ ºNo *(If there exist any,
to your knowledge,
have the water
rights been used
during the last
five-year period?
µ ºYesµ ºNo *(If so, is the certi-
ficate available?
C. Outdoor Sprinkler
System
µ ºYesµ ºNo (To your knowledge,
is there an outdoor
sprinkler system for
the property?
µ ºYesµ ºNo (To your knowledge,
has a back flow
valve been
installed?
µ ºYesµ ºNo (To your knowledge,
is the outdoor
sprinkler system
operable?
3.SEWAGE
µ ºYesµ ºNoA. To your knowledge, is
the property connected
to a sanitary sewer?
µ ºYesµ ºNoB. Are you aware of any
sanitary sewer
proposed for the
property?
µ ºYesµ ºNoC. To your knowledge, is
the property connected
to a septic system or
cesspool?
µ ºYesµ ºNoD. Are you aware of any
problems or repairs
needed?
µ ºYesµ ºNoE. To your knowledge,
does your sewage
system require on-site
pumping to another
level?
4.INSULATION
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
A. To your knowledge, is
there insulation in the:
µ ºYesµ ºNo (Ceiling?
µ ºYesµ ºNo (Exterior walls?
µ ºYesµ ºNo (Floors?
µ ºYesµ ºNoB. To your knowledge,
are there any
defective insulated
windows?
5.STRUCTURAL
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
µ ºYesµ ºN*A. To your knowledge,
has the roof leaked?
µ ºYesµ ºNo If yes, has it been
repaired?
µ ºYesµ ºNoB. Additions/conversions/
remodeling?
µ ºYesµ ºNo *If yes, are you aware
of whether a building
permit was obtained?
µ ºYesµ ºNo Was final inspection
obtained?
µ ºYesµ ºNoC. To your knowledge,
are there smoke
alarms?
µ ºYesµ ºNo If there are, which are
electrical (hard-wired)?
__________
µ ºYesµ ºNoD. To your knowledge, is
there a woodstove?
Make______
µ ºYesµ ºNo Was it installed with a
permit?
µ ºYesµ ºN*E. Are you aware of
whether a pest or
dry rot, structural
or '
whole house
'
inspection has
been done?
µ ºYesµ ºN*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 { +
. + }
µ ºYesµ ºNoG. Are you aware of a
sump pump on the
property?
6.SYSTEMS AND FIXTURES
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
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?
µ ºYesµ ºNoA. Electrical system,
including wiring,
switches, outlets
and service
µ ºYesµ ºNoB. Plumbing system,
including pipes,
faucets, fixtures
and toilets
µ ºYesµ ºNoC. Hot water tank
µ ºYesµ ºNoD. Garbage disposal
µ ºYesµ ºNoE. Built-in range and oven
µ ºYesµ ºNoF. Built-in dishwasher
µ ºYesµ ºNoG. Sump pump
µ ºYesµ ºNoH. Heating and cooling
systems
µ ºYesµ ºNoI. Security system
µ ºOwnedµ ºLeased
7.COMMON INTEREST { +
INFORMATION + }
µ ºYesµ ºNoA. { +
Is there a + }
home owners'
association { +
or other
governing entity + }
?
{ +
If so, + }
name of association
{ +
or other governing entity: + }
________
Contact person { +
: + }
________
Address { +
: + }
________
Phone number { +
: + }
________
{ +
Community manager:
________
Address:
________
Phone number:
________
+ }
µ ºYesµ ºNoB. { +
Are there + }
regular periodic
assessments { -
: - }
{ +
?
If so, + }
$___
per µ º Month µ º Year
µ º Other_____
{ +
µ ºYesµ ºNoC. Are the assessments
current? If not current,
amount due: $___ + }
µ ºYesµ ºNo { -
C. - }
{ +
D. + }
Are you aware of any
{ -
pending - }
special
assessments?
{ +
µ ºYesµ ºNo (1) Approved and levied?
µ ºYesµ ºNo (2) Approved, not levied?
µ ºYesµ ºNo (3) Under consideration by
the board of directors?
If yes, actual or
estimated total? + }
__________
{ +
If yes, actual or
estimated due date? + }
__________
{ +
Purpose: + }
______
µ ºYesµ ºNo { -
D. - }
{ +
E. + }
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)?
{ +
µ ºYesµ ºNoF. Has the association or
other governing entity
adopted a budget for
major maintenance or
replacement of common
property?
µ ºYesµ ºNoG. Is the association or
other governing entity
responsible for repair,
replacement or
maintenance of property
other than common
property? If yes,
describe property: + }
__________
{ +
µ ºYesµ ºNoH. Has the association or
other governing entity
adopted a budget for
major maintenance or
replacement of other
property?
µ ºYesµ ºNoI. Has the association or
other governing entity
adopted a reserve funding
plan for major maintenance
or replacement of other
property?
µ ºYesµ ºNoJ. Are you aware of
any alteration or
improvement to the
property that violates
a governing document
or a governmental
health or building
code? If yes, specify: + }
__________
{ +
K. Which of the
following documents
affect the property:
µ ºYesµ ºNo (1) Declaration of
Covenants, Conditions
and Restrictions?
µ ºYesµ ºNo (2) Bylaws of the
association or other
governing entity?
µ ºYesµ ºNo (3) Articles of
Incorporation of an
association or other
governing entity?
µ ºYesµ ºNo (4) Rules, regulations or
resolutions of an
association or other
governing entity?
µ ºYesµ ºNo (5) Other governing
document? Specify: + }
__________
{ +
L. Do any of the
governing documents
regulate or restrict:
µ ºYesµ ºNo (1) Age? Specify document: + }
__________
{ +
µ ºYesµ ºNo (2) Pets? Specify document: + }
__________
{ +
µ ºYesµ ºNo (3) Parking? Specify document: + }
__________
{ +
µ ºYesµ ºNo (4) Rental or leasing lot
or unit? Specify document: + }
__________
8.GENERAL
µ ºYesµ ºNoA. Are you aware of any
settling, soil, standing
water or drainage
problems on the
property or in the
immediate area?
µ ºYesµ ºNoB. To your knowledge,
does the property
contain fill?
µ ºYesµ ºNoC. 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?
µ ºYesµ ºNoD. To your knowledge, is
the property in a
designated flood plain?
µ ºYesµ ºNoE. To your knowledge, is
the property in a
designated slide zone?
µ ºYesµ ºNoF. 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?
µ ºYesµ ºNoG. Are you aware of any
tanks or underground
storage tanks (e.g.,
septic, chemical, fuel,
etc.) on the property?
µ ºYesµ ºNoH. 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
µ ºYesµ ºNo 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.
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
DATE ___ SELLER ________
SELLER ______________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
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 - }
{ +
Each
person that signs + }
the
'
buyer's { -
acceptance' - }
{ +
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.
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
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 { + . + }
_________________________________________________________________
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
{ + (c) If the real property is within a planned community or
condominium development or if ownership of the real property
requires the owner to be a member of an association of owners or
subject to any other governing entity, an owner shall provide a
prospective purchaser with copies of:
(A) The Declaration of Covenants, Conditions and Restrictions
or other governing document;
(B) The bylaws of the governing entity; and
(C) Any other document that contains provisions relating to
maintenance obligations, restrictions and requirements for the
use and occupancy of residences and common property, and the
authority of the governing entity to adopt rules relating to the
community, including residential use, parking, age or pet
restrictions. + }
SECTION 4. ORS 105.470 is amended to read:
105.470. { + (1) Except as provided in subsection (2) of this
section, + } ORS 105.465 to 105.490, 696.301 and 696.870 do not
apply to:
{ - (1) - } { + (a) + } 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) - } { + (b) + } Sales by financial institutions
that acquired the property as custodian, agent or trustee, or by
foreclosure or deed in lieu of foreclosure.
{ - (3) - } { + (c) + } Court appointed receivers, personal
representatives, trustees, conservators or guardians.
{ - (4) - } { + (d) + } 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.
{ - (5) - } { + (e) + } Sales or transfers by governmental
agencies.
{ + (2) In a sale under subsection (1)(a) or (d) of this
section, if ownership of the real property requires the owner to
be a member of an association of owners or subject to any other
governing entity, the seller shall provide a Seller's Common
Interest Information Statement in substantially the following
form: + }
________________________________________________________________
{ +
SELLER'S COMMON INTEREST + }
{ +
INFORMATION STATEMENT + }
{ +
(NOT A WARRANTY) + }
{ +
(105.470) + }
{ + 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 information statement and each
attachment. + }
{ +
NOTICE TO THE BUYER + }
{ + THE FOLLOWING REPRESENTATIONS ARE MADE BY THE SELLER(S),
CONCERNING COMMON INTEREST IN THE PROPERTY LOCATED AT
______ ('THE PROPERTY'). + }
{ + COMMON INTEREST INFORMATION CONTAINED IN THIS FORM IS
PROVIDED BY THE SELLER ON THE BASIS OF SELLER'S ACTUAL KNOWLEDGE
OF THE PROPERTY AT THE TIME OF STATEMENT. YOU, THE BUYER, HAVE
SEVEN BUSINESS DAYS FROM THE SELLER'S DELIVERY OF THIS SELLER'S
COMMON INTEREST INFORMATION 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. + }
{ + THE PROPERTY ___ IS/ ___ IS NOT WITHIN A PLANNED COMMUNITY
OR CONDOMINIUM DEVELOPMENT WITH AN ASSOCIATION OF OWNERS OR OTHER
GOVERNING ENTITY. + }
{ + WHEN PURCHASING A RESIDENTIAL LOT OR DWELLING WITHIN A
PLANNED COMMUNITY OR CONDOMINIUM DEVELOPMENT, YOU SHOULD: + }
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
1. CONSIDER THE TYPE OF COMMUNITY.
Give careful consideration to
whether you want to live in an
atmosphere of community living
in which the interest of the group
of owners must be taken into
account as well as the interest
of the individual owner.
Restrictive covenants and
conditions governing the use and
occupancy of the property, the
establishment of an association or
other governing entity or the
operation and maintenance of the
community have been recorded in
the deed records of the county. As
an owner of property, you may be
required to be a member of an
association of owners or subject
to some other governing entity.
You may be obligated to pay
assessments to the governing
entity. The amount of assessments
may change periodically. For
further information about
ownership rights and
responsibilities, a prospective
purchaser may want to obtain a
copy of the Oregon Planned
Community Act, ORS 94.550 to
94.783, or the Oregon Condominium
Act, ORS chapter 100. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
2. REVIEW THE GOVERNING DOCUMENTS.
Request and carefully review the
governing documents for the
community, the plat and any rules,
regulations or resolutions of the
association or other governing
entity.
An owner must provide a prospective
purchaser with copies of the
Declaration of Covenants,
Conditions and Restrictions or
other governing document and the
bylaws of the governing entity.
The declaration or other governing
document and the bylaws may contain
provisions relating to maintenance
obligations, restrictions and
requirements for the use and
occupancy of residences and common
property, and the authority of the
governing entity to adopt rules
relating to the community,
including residential use,
parking, age or pet restrictions. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
3. REQUEST ADDITIONAL INFORMATION.
Upon written request of an owner,
an association of owners must make
certain documents available for
examination and duplication. The
association may charge a
reasonable fee. A prospective
purchaser may want to ask the owner
to provide the following documents
or information:
A. The rules, regulations or
resolutions adopted by the
association.
B. The recorded plat.
C. The current budget of the
association.
D. The most recent financial statement
of the association.
E. A certificate of insurance
showing the insurance coverage
of the association.
F. A current reserve study.
G. Information on whether the
declarant has turned the
responsibility for administration
of the association over to the
owners.
H. Information on whether there
are unsatisfied judgment
against the association.
I. Information on whether conditions
of any of the common property
violate health or building codes.
J. A statement of assessments against
the property due and payable to
the association. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
{ + Seller ___ is/ ___ is not occupying the property. + }
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
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. + }
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
1. COMMON INTEREST INFORMATION
µ ºYesµ ºNoA. Is there a home owners'
association or other
governing entity?
If so, name of association
or other governing entity: + }
________
{ +
Contact person: + }
________
{ +
Address: + }
________
{ +
Phone number: + }
________
{ +
Community manager: + }
________
{ +
Address: + }
________
{ +
Phone number: + }
________
{ +
µ ºYesµ ºNoB. Are there regular periodic
assessments?
If so, + }
$___
{ +
per µ º Month µ º Year
µ º Other + }
_____
{ +
µ ºYesµ ºNoC. Are the assessments current?
If not current, amount
due: $ + }
___
{ +
µ ºYesµ ºNoD. Are you aware of any
special
assessments?
µ ºYesµ ºNo (1) Approved and levied?
µ ºYesµ ºNo (2) Approved, not levied?
µ ºYesµ ºNo (3) Under consideration by
the board of directors?
If yes, actual or
estimated total? + }
__________
{ +
If yes, actual or
estimated due date? + }
__________
{ +
Purpose: + }
______
{ +
µ ºYesµ ºNoE. Are you aware of any
shared common areas
or any joint maintenance
agreements (facilities
such as walls, fences,
pools, tennis courts,
walkways or other areas
co-owned in undivided
interest with others)?
µ ºYesµ ºNoF. Has the association or
other governing entity
adopted a budget for
major maintenance or
replacement of common
property?
µ ºYesµ ºNoG. Is the association or
other governing entity
responsible for repair,
replacement or
maintenance of property
other than common
property? If yes,
describe property: + }
__________
{ +
µ ºYesµ ºNoH. Has the association or
other governing entity
adopted a budget for
major maintenance or
replacement of other
property?
µ ºYesµ ºNoI. Has the association or
other governing entity
adopted a reserve funding
plan for major maintenance
or replacement of other
property?
µ ºYesµ ºNoJ. Are you aware of
any alteration or
improvement to the
property that violates
a governing document
or a governmental
health or building
code? If yes, specify: + }
__________
{ +
K. Which of the
following documents
affect the property:
µ ºYesµ ºNo (1) Declaration of
Covenants, Conditions
and Restrictions?
µ ºYesµ ºNo (2) Bylaws of the
association or other
governing entity?
µ ºYesµ ºNo (3) Articles of
Incorporation of an
association or other
governing entity?
µ ºYesµ ºNo (4) Rules, regulations or
resolutions of an
association or other
governing entity?
µ ºYesµ ºNo (5) Other governing
document? Specify: + }
__________
{ +
L. Do any of the
governing documents
regulate or restrict:
µ ºYesµ ºNo (1) Age? Specify document: + }
__________
{ +
µ ºYesµ ºNo (2) Pets? Specify document: + }
__________
{ +
µ ºYesµ ºNo (3) Parking? Specify document: + }
__________
{ +
µ ºYesµ ºNo (4) Rental or leasing lot
or unit? Specify document: + }
__________
{ +
2. FULL DISCLOSURE BY SELLERS
The foregoing answers
are complete and correct
to the best of my/our
knowledge and I/we have
received a copy. I/we
authorize all of my/our
agents to deliver a copy
of this common interest
information statement
to other real estate
licensees and all
prospective buyers
of the property. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
{ + DATE ___ SELLER ________ + }
{ + SELLER + } ______________
____NOTE_TO_WEB_CUSTOMERS:__________________________________
THE FOLLOWING TABULAR TEXT MAY BE IRREGULAR.
FOR COMPLETE INFORMATION PLEASE SEE THE PRINTED MEASURE.
_______________________________________________________________
{ +
II. BUYER'S ACKNOWLEDGMENT
1.As buyer(s), I/we
acknowledge the property
___
is/___
is not
within a planned community
or condominium development
with an association of
owners or another
governing entity.
2.Each buyer acknowledges
and understands that the
property may be subject to
requirements and
restrictions regarding use
and occupancy, maintenance
obligations or the right
of an association of owners
or other governing entity
to adopt rules or
regulations regarding
conduct.
3.I/we acknowledge that,
as prospective purchasers,
I/we may request in writing
that the association make
certain documents and
information available for
examination and copying
under ORS 94.670 for
planned communities or ORS
100.480 for condominiums. An
association must make the
documents and information
available for examination
and copying during reasonable
hours and may charge a
reasonable fee.
4.Each person that signs the
'
buyer's acknowledgment
'
portion of this statement
below hereby acknowledges
receipt of a copy of this
statement including
attachments, if any,
bearing seller's signature. + }
____________________________________________________________
END OF POSSIBLE IRREGULAR TABULAR TEXT
____________________________________________________________
{ + COMMON INTEREST INFORMATION CONTAINED IN THIS FORM IS
PROVIDED BY THE SELLER ON THE BASIS OF SELLER'S ACTUAL KNOWLEDGE
OF THE PROPERTY AT THE TIME OF STATEMENT. YOU, THE BUYER, HAVE
SEVEN BUSINESS DAYS FROM THE SELLER'S DELIVERY OF THIS SELLER'S
COMMON INTEREST INFORMATION 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 COMMON INTEREST INFORMATION STATEMENT. + }
{ + DATE + } _____
{ + BUYER + } __________
{ + BUYER + } __________
{ + Agent to sign and date: + }
________ { + Real Estate Licensee + }
________ { + Real Estate Business + }
_________________________________________________________________
SECTION 5. 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 { + , or if appropriate, a
common interest information 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
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) If a seller issues a seller's 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
disclosure statement to revoke the buyer's offer by delivering to
the seller a separate signed written statement to that effect.
(4) 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) 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) If the seller fails or refuses to provide a
disclosure { + , + }
{ - or - } disclaimer as required under this section { + , or
if appropriate, a common interest information statement + }, the
buyer shall have a right of revocation until such right is
terminated pursuant to subsection (5) of this section.
(7) If the buyer revokes the offer pursuant to subsections (2)
to (9) of this section, notwithstanding ORS 696.581, the buyer
shall be 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) 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 released from all liability
for the deposits and other considerations.
(9) Any disclaimer { + , + } { - or - } disclosure { + or
common interest information + } statement issued by the seller is
part of and incorporated into the offer and the acceptance.
SECTION 6. ORS 105.480 is amended to read:
105.480. { - (1) - } The representations contained in a
Seller's { + Property + } Disclosure Statement { + or Seller's
Common Interest Information Statement + } and in any amendment to
the disclosure statement { + or common interest information
statement + } are the representations of the seller only, and no
financial institution that may have made or that may make a loan
pertaining to the property covered by a seller's disclosure
statement { + or common interest information statement + }, or
that may have or take a security interest in the property covered
by a seller's disclosure statement { + or common interest
information statement + }, is bound by or has any liability with
respect to any representation, misrepresentation, omission, error
or inaccuracy contained in another party's disclosure statement
required by ORS 105.465 { + or common interest information
statement required by ORS 105.465 or 105.470 + } or any amendment
to the disclosure statement { + or the common interest
information 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 7. ORS 105.485 is amended to read:
105.485. The burden of proof of lawful delivery of a seller's
disclaimer { + statement, seller's common interest information
statement + } or seller's disclosure statement and any amendment
thereto shall be on the seller. The burden of proof of lawful
delivery of a notice of revocation of a buyer's offer shall be on
the buyer.
SECTION 8. ORS 94.670 is amended to read:
94.670. (1) A homeowners association shall retain within this
state the documents, information and records delivered to the
association under ORS 94.616.
(2) All assessments, including declarant subsidies, shall be
deposited in a separate bank account, located within this state,
in the name of the association. All expenses of the association
shall be paid from the association bank account.
(3) The association shall keep financial records sufficiently
detailed for proper accounting purposes. Within 90 days after the
end of the fiscal year, the board of directors shall distribute
to each owner and, upon written request, any mortgagee of a lot,
a copy of the annual financial statement consisting of a balance
sheet and income and expenses statement for the preceding fiscal
year.
(4)(a) The association shall provide, within 10 business days
of receipt of a written request from an owner, a written
statement that provides:
(A) The amount of assessments due from the owner and unpaid at
the time the request was received, including:
(i) Regular and special assessments;
(ii) Fines and other charges;
(iii) Accrued interest; and
(iv) Late payment charges.
(B) The percentage rate at which interest accrues on
assessments that are not paid when due.
(C) The percentage rate used to calculate the charges for late
payment or the amount of a fixed charge for late payment.
(b) The association is not required to comply with paragraph
(a) of this subsection if the association has commenced
litigation by filing a complaint against the owner and the
litigation is pending when the statement would otherwise be due.
(5) The association shall make the documents, information and
records described in subsections (1) and (3) of this section and
all other records of the association reasonably available for
examination by an owner and any mortgagee of a lot. { - Upon
the written request of an owner or mortgagee of a lot, the
association shall make available during reasonable hours all such
records for duplication. - } The documents, information and
records described in subsections (1) and (3) of this section and
all other records of the association shall be located within this
state.
{ + (6) Upon the written request of an owner or mortgagee of
a lot, the association shall make available during reasonable
hours all documents, information and records described in
subsections (1) and (3) of this section for duplication.
(7) + } The association shall maintain a copy, suitable for the
purpose of duplication, of the following:
(a) The declaration, bylaws, association rules and regulations
and any amendments or supplements to them.
(b) The most recent financial statement prepared pursuant to
subsection (3) of this section.
(c) The current operating budget of the association.
{ + (d) A reserve funding plan, as described in section 2 of
this 2003 Act, if any.
(e) Architectural standards or guidelines, if any. + }
{ - (6) Upon written request of a prospective purchaser, the
association shall make available for examination and duplication
during reasonable hours the documents and information specified
in subsection (5) of this section. - }
{ - (7) - } { + (8) + } The association may charge a
reasonable fee for furnishing copies of any documents,
information or records described in this section. The fee may
include reasonable personnel costs for furnishing the documents,
information or records.
SECTION 9. ORS 100.480 is amended to read:
100.480. (1) The association of unit owners shall retain within
this state the documents, information and records delivered to
the association under ORS 100.210.
(2) The association of unit owners shall keep financial records
sufficient for proper accounting purposes. All assessments shall
be deposited in a separate bank account, located within this
state, in the name of the association. All expenses of the
association shall be paid from the association bank account.
(3) Within 90 days after the end of the fiscal year, the board
of directors shall distribute to each unit owner a copy of the
annual financial statement consisting of a balance sheet and
income and expense statement for the preceding fiscal year.
(4)(a) The association shall provide, within 10 business days
of receipt of a written request from an owner, a written
statement that provides:
(A) The amount of assessments due from the owner and unpaid at
the time the request was received, including:
(i) Regular and special assessments;
(ii) Fines and other charges;
(iii) Accrued interest; and
(iv) Late payment charges.
(B) The percentage rate at which interest accrues on
assessments that are not paid when due.
(C) The percentage rate used to calculate the charges for late
payment or the amount of a fixed charge for late payment.
(b) The association is not required to comply with paragraph
(a) of this subsection if the association has commenced
litigation by filing a complaint against the owner and the
litigation is pending when the statement would otherwise be due.
(5) The documents, information and records described in
subsections (1) to (3) of this section and all other records of
the association of unit owners shall be located within this state
and shall be reasonably available for examination by a unit owner
and any mortgagee of a unit.
{ + (6) + } Upon the written request of an owner or mortgagee
of a unit, the association shall make the documents, information
and records described in subsections (1) to (3) of this section
and other records available for duplication during reasonable
hours.
{ + (7) + } The association of unit owners shall maintain a
copy, suitable for the purpose of duplication, of the following:
(a) The declaration, bylaws, association rules and regulations
and any amendments or supplements thereto;
(b) The most recent annual financial statement prepared in
accordance with subsection (3) of this section; { - and - }
(c) The current operating budget of the association { + ;
(d) A reserve funding plan, as described in section 2 of this
2003 Act, if any; and
(e) Architectural standards or guidelines, if any + }.
{ - (6) Upon the written request of a prospective purchaser,
the association of unit owners shall make available for
examination and duplication during reasonable hours the documents
and information specified in subsection (5) of this section. - }
{ - (7) - } { + (8) + } The association of unit owners may
charge a reasonable fee for furnishing copies of any documents,
information or records described in this section. The fee may
include reasonable personnel costs incurred to furnish the
information.
{ - (8) - } { + (9) + } Subsection (3) of this section
first applies to property submitted to the provisions of this
chapter before January 1, 1982, when the board of directors of
the association of unit owners receives a written request from at
least one unit owner that a copy of the annual financial
statement be distributed in accordance with subsection (3) of
this section.
----------