The Oregon purchase agreement details the terms of a real estate transaction. The contract records key information about the sale such as its terms and conditions, earnest money to be held prior to closing, and desired contingencies. Both parties must endorse the document to finalize a legally-binding agreement.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Older homes built before 1978 require an added disclosure cautioning about the dangers involved with lead-based paint. The pamphlet provided will familiarize the buyer with the hazards presented by the paint and steps to take to avoid exposure.
Seller’s Property Disclosure Statement (105.464) – The seller is mandated by law to reveal any known flaws inherent in the sale property by filling the disclosure statement form and issuing a signed copy to the buyer. The buyer is additionally permitted to have an inspection performed on the residence at their own expense to better know the status of the dwelling’s condition.