Oregon Real Estate Contract & Forms for Selling Your Home
Oregon is known for its very diverse landscapes — tall and dense forests, picturesque coastline and glaciated volcanoes. The state has so much to offer to prospective home buyers such as private and gated communities and world class recreation including golf, kayaking, skiing and boating.
Oregon’s real estate market is very reasonable because properties can be bought for any budget. And despite the soaring home prices, the state’s quality of life still attracts people to relocate there.
Real estate forms
The property disclosure statement is a vital document required from home sellers in Oregon. This should be given to each potential buyer who makes a written purchase offer. The seller should be honest enough to state in this form the condition of his home, the defects and environmental hazards, if any. Specifically, the form calls for the disclosure of material facts such as whether there are pest infestations, molds, defective products, repairs and remodels done. The statement should also include information on sewer and septic systems, underground oil storage tanks, the use of woodstoves, lead-based paint, smoke alarms and wells.
If a private well supplies water for the property, state law requires sellers to test the well for coliform bacteria and nitrates. If the well has not been registered with state, the buyer is usually responsible for registering the well. As for smoke alarms, Oregon law requires sellers to install an approved smoke detector or alarm in their homes. Real estate forms normally include a provision by the seller that the home will have an operating smoke alarm before the closing date of the sale. In addition, the seller is required by law to provide a lead-based paint disclosure form and a pamphlet entitled “Protect Your Family From Lead In Your Home.” This document applies to homes built before 1978.
Another important document involved in the sale agreement or the real estate sales agreement for the sale of a real property, which must be in writing. It is recommended that both the buyer and the seller seek legal counsel before signing any contract they do not fully comprehend. The sale agreement normally includes provisions as to who will hold the earnest money and under what circumstances it may be refunded to the buyer or forfeited to the seller. Both parties should carefully review these provisions as they are very crucial in the transaction.
The closing costs may be split by the seller and the buyer. The responsibility on the payment of these costs is usually stated in the final terms of the purchase agreement. However, some sellers offer an incentive to buyers by shouldering the closing costs. In Oregon, the closing costs may include the loan origination fee, loan discount points, appraisal fee, credit report fee, lender inspection fee, mortgage insurance application fee, underwriting fee, tax service fee, processing fee, application fee, flood certification fee, interest, mortgage insurance, hazard insurance, city and county property tax, settlement or closing fee, title fee, document abstract preparation fee, notary fee, attorney fee, title insurance, recording fee, survey fee and inspection fees.
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