Tom is selling a single-family home in Bend, Oregon. He delivers the Seller's Property Disclosure Statement to the buyer before the buyer makes any offer. Under ORS 105.475, when does the buyer's rescission right expire in this situation?
Correct Answer
A) The buyer has no rescission right based on the disclosure because it was received before making the offer
Under ORS 105.475, the buyer's right to rescind based on the disclosure statement is triggered only when the disclosure is delivered after the buyer has made an offer or signed a purchase agreement. If the seller delivers the disclosure before the buyer makes an offer, the buyer has already had the opportunity to review it and no post-offer rescission right is created solely by the disclosure.
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Related Topics & Key Terms
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Related Concepts
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
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