Sellers Property Disclosures in Oregon
Golden Rule
You can never get in trouble for over-disclosing! Yes, Sellers- you must disclose everything that you know about your property and home when completing the Sellers Property Disclosures. The more you tell the buyer, the better. I promise!
The Seller’s Property Disclosure is a document that sellers complete. It is a list of “material facts”, problems and history, and the condition of a home. Both federal and state laws govern what must be disclosed during a property sale.
As the homeowner, you must be the person to complete these disclosure forms. Your real estate agent cannot complete these forms for you, even if you have provided them with the answers. As you fill out these forms, it is important to remember that you should strive to answer all of the questions to the best of your ability. Don’t sweat the small stuff, but make sure you disclose everything that you’d want to be disclosed to you if you were the buyer.
What if someone has died in a home?
Some states require that a seller disclose if a death has occurred in a home. Oregon is not one of those states. There are sellers, however, that will disclose this as a matter of integrity.
What if we do not know the answer to a question?
It is entirely possible that a seller may not know the answer to certain questions on the Sellers Property Disclosures. If you are unsure, it is best to say so. If you do not know the exact age of the roof if you’re not the original owner, answer “Do Not Know". I would caution using this as the answer out of ease, however. This could raise a flag with potential buyers. Take your time to complete the Sellers Property Disclosures with as much care as possible.
When do these get completed?
This will differ from state to state but for our sellers in Oregon and Washington, we have them done prior to going on the market. Although it is not contractually required for a seller to provide these before listing or even before going under contract, it is really good practice. Why? A few reasons. First, a buyer can withdraw from a contract once they review disclosures. Why not get that contingency out of the way before going into contract? Second, best for a buyer to know as much about the home as possible BEFORE they write an offer. This way they have a better understanding of what they are buying. The benefit to the seller is that the buyer is writing a more informed offer!