A seller’s property disclosure statement must be in substantially the following form:If required under ORS 105.465 (Application of ORS 105.462 to 105.490, 696.301 and 696.870), a seller shall deliver in substantially the following form the seller’s property disclosure statement to each buyer who makes a
written offer to purchase real property in this state:Please complete the following form. Do not leave any spaces blank. Please refer to the line number(s) of the question(s) when you provide your explanation(s). If you are not claiming an exclusion or refusing to provide the form under ORS 105.475 (Buyer’s statement of revocation of offer) (4), you should date and sign each page of this disclosure
statement and each attachment.Each seller of residential property described in ORS 105.465 (Application of ORS 105.462 to 105.490, 696.301 and 696.870) must deliver this form to each buyer who makes a written offer to purchase. Under ORS 105.475 (Buyer’s statement of revocation of offer) (4), refusal to provide this form
gives the buyer the right to revoke their offer at any time prior to closing the transaction. Use only the section(s) of the form that apply to the transaction for which the form is used. If you are claiming an exclusion under ORS 105.470 (Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870), fill out only Section 1.An exclusion may be claimed only if the seller qualifies for the exclusion
under the law. If not excluded, the seller must disclose the condition of the property or the buyer may revoke their offer to purchase anytime prior to closing the transaction. Questions regarding the legal consequences of the seller’s choice should be directed to a qualified attorney.Section 1. EXCLUSION FROM ORS 105.462 (Definitions for ORS 105.462 to 105.490) TO
105.490 (Effect of ORS 105.462 to 105.490, 696.301 and 696.870 on rights and remedies):You may claim an exclusion under ORS 105.470 (Exclusions from ORS 105.462 to 105.490, 696.301 and 696.870) only if you qualify under the statute. If you are not claiming an exclusion, you must fill out Section 2 of this form completely.
Initial only the exclusion you wish to claim._____This is the first sale of a dwelling never occupied. The dwelling is constructed or installed under building or installation permit(s) #_____, issued by________._____This sale is by a financial institution that acquired the property as custodian, agent or trustee, or by foreclosure or deed in lieu of foreclosure._____The seller is a court appointed receiver, personal
representative, trustee, conservator or guardian._____This sale or transfer is by a governmental agency.Signature(s) of Seller claiming exclusionBuyer(s) to acknowledge Seller’s claimSection 2. SELLER’S PROPERTY DISCLOSURE STATEMENTNOTICE 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. BUYER HAS FIVE DAYS FROM THE SELLER’S DELIVERY OF THIS SELLER’S DISCLOSURE STATEMENT TO REVOKE BUYER’S OFFER BY DELIVERING BUYER’S SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION
TO THE SELLER DISAPPROVING THE SELLER’S DISCLOSURE STATEMENT, UNLESS BUYER WAIVES THIS RIGHT AT OR PRIOR TO ENTERING INTO A SALE AGREEMENT.FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY, BUYER IS ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF A QUALIFIED SPECIALIST TO INSPECT THE PROPERTY ON BUYER’S BEHALF INCLUDING, FOR EXAMPLE, ONE OR MORE OF THE FOLLOWING: ARCHITECTS, ENGINEERS, PLUMBERS, ELECTRICIANS, ROOFERS, ENVIRONMENTAL INSPECTORS,
BUILDING INSPECTORS, CERTIFIED HOME INSPECTORS, OR PEST AND DRY ROT INSPECTORS.Seller _____ is/ _____ is not occupying the property.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, or any real estate licensee engaged by
the seller or the buyer.*If you mark yes on items with *, attach a copy or explain on an attached sheet.A. Do you have legal authority to sell the property? [ ]Yes [ ]No [ ]Unknown*B. Is title to the property subject to any of thefollowing: [ ]Yes [ ]No [ ]Unknown(1)
First right of refusal(3)
Lease or
rental agreement*C. Is the property being transferred anunlawfully established unit of land? [ ]Yes [ ]No [ ]Unknown*D. Are there any encroachments, boundaryagreements, boundary disputes or recentboundary changes? [ ]Yes [ ]No [ ]Unknown*E. Are there any rights of way, easements,licenses,
access limitations or claims thatmay affect your interest in the property? [ ]Yes [ ]No [ ]Unknown*F. Are there any agreements for jointmaintenance of an easement or right of way? [ ]Yes [ ]No [ ]Unknown*G. Are there any governmental studies, designations,zoning overlays, surveys or notices that wouldaffect the property? [ ]Yes [ ]No [ ]Unknown*H. Are there any
pending or existing governmentalassessments against the property? [ ]Yes [ ]No [ ]Unknown*I. Are there any zoning violations ornonconforming uses? [ ]Yes [ ]No [ ]Unknown*J. Is there a boundary survey for theproperty? [ ]Yes [ ]No [ ]Unknown*K. Are there any covenants, conditions,restrictions or private assessments thataffect the property? [ ]Yes
[ ]No [ ]Unknown*L. Is the property subject to any special taxassessment or tax treatment that may resultin levy of additional taxes if the propertyis sold? [ ]Yes [ ]No [ ]Unknown(1)
The source of the water is (check ALL that apply):[ ]Public [ ]Community [ ]Private
(2)
Water source information:*a. Does the water source require a water permit? [ ]Yes [ ]No [ ]UnknownIf yes, do you have a permit? [ ]Yes [ ]Nob. Is the water source located on the property? [ ]Yes [ ]No [ ]Unknown*If not, are there any written agreements fora shared water source? [ ]Yes [ ]No [ ]Unknown [ ]NA*c. Is there an easement (recorded or unrecorded)
for your access to or maintenance of the watersource? [ ]Yes [ ]No [ ]Unknownd. If the source of water is from a well or spring,have you had any of the following in the past12 months? [ ]Flow test [ ]Bacteria test[ ]Chemical contents test [ ]Yes [ ]No [ ]Unknown [ ]NA*e. Are there any water source plumbing problemsor needed repairs? [ ]Yes [ ]No [
]Unknown(3)
Are there any water treatment systems forthe property? [ ]Yes [ ]No [ ]Unknown(1)
Are there any [ ] water rights or [ ] otherirrigation rights for the property? [ ]Yes [ ]No [ ]Unknown*(2) If any exist, has the irrigation water beenused during the last five-year period? [ ]Yes [ ]No [
]Unknown [ ]NA*(3) Is there a water rights certificate or otherwritten evidence available? [ ]Yes [ ]No [ ]Unknown [ ]NAC. Outdoor sprinkler system(1)
Is there an outdoor sprinkler system for theproperty? [ ]Yes [ ]No [ ]Unknown(2)
Has a back flow valve been installed? [ ]Yes [ ]No [ ]Unknown [ ]NA(3)
Is the outdoor sprinkler system
operable? [ ]Yes [ ]No [ ]Unknown [ ]NAA. Is the property connected to a public orcommunity sewage system? [ ]Yes [ ]No [ ]UnknownB. Are there any new public or community sewagesystems proposed for the property? [ ]Yes [ ]No [ ]UnknownC. Is the property connected to an on-site septicsystem? [ ]Yes [ ]No [ ]Unknown(1)
If
yes, when was the system installed? ________ [ ]Unknown [ ]NA(2)
*If yes, was the system installed by permit? [ ]Yes [ ]No [ ]Unknown [ ]NA(3)
*Has the system been repaired or altered? [ ]Yes [ ]No [ ]Unknown(4)
*Has the condition of the system beenevaluated and a report issued? [ ]Yes [ ]No [ ]Unknown(5)
Has the septic tank ever been pumped? [ ]Yes [ ]No [ ]Unknown
If yes, when? ________ [ ]NA(6)
Does the system have a pump? [ ]Yes [ ]No [ ]Unknown(7)
Does the system have a treatment unit suchas a sand filter or an aerobic unit? [ ]Yes [ ]No [ ]Unknown(8)
*Is a service contract for routinemaintenance required for the system? [ ]Yes [ ]No [ ]Unknown(9)
Are all components of the system located on
the property? [ ]Yes [ ]No [ ]UnknownD. *Are there any sewage system problems orneeded repairs? [ ]Yes [ ]No [ ]UnknownE. Does your sewage system require on-sitepumping to another level? [ ]Yes [ ]No [ ]UnknownA. Is there insulation in the:(1)
Ceiling? [ ]Yes [ ]No [ ]Unknown(2)
Exterior walls? [
]Yes [ ]No [ ]Unknown(3)
Floors? [ ]Yes [ ]No [ ]UnknownB. Are there any defective insulated doors orwindows? [ ]Yes [ ]No [ ]Unknown*A. Has the roof leaked? [ ]Yes [ ]No [ ]UnknownIf yes, has it been repaired? [ ]Yes [ ]No [ ]Unknown [ ]NAB. Are there any additions, conversions orremodeling? [ ]Yes [ ]No [ ]Unknown
If yes, was a building permit required? [ ]Yes [ ]No [ ]Unknown [ ]NAIf yes, was a building permit obtained? [ ]Yes [ ]No [ ]Unknown [ ]NAIf yes, was final inspection obtained? [ ]Yes [ ]No [ ]Unknown [ ]NAC. Are there smoke alarms or detectors? [ ]Yes [ ]No [ ]UnknownD. Are there carbon monoxide alarms? [ ]Yes [ ]No [ ]UnknownE. Is there a woodstove or fireplaceinsert
included in the sale? [ ]Yes [ ]No [ ]Unknown*If yes, what is the make? ________*If yes, was it installed with a permit? [ ]Yes [ ]No [ ]Unknown*If yes, is a certification label issued by theUnited States Environmental ProtectionAgency (EPA) or the Department ofEnvironmental Quality (DEQ) affixed to it? [ ]Yes [ ]No [ ]Unknown*F. Has pest and dry rot, structural
or“whole house” inspection been donewithin the last three years? [ ]Yes [ ]No [ ]Unknown*G. Are there any moisture problems, areas of waterpenetration, mildew odors or other moistureconditions (especially in the basement)? [ ]Yes [ ]No [ ]Unknown*If yes, explain on attached sheet the frequencyand extent of problem and any insurance claims,repairs
or remediation done.H. Is there a sump pump on the property? [ ]Yes [ ]No [ ]UnknownI. Are there any materials used in theconstruction of the structure that are orhave been the subject of a recall, classaction suit, settlement or litigation? [ ]Yes [ ]No [ ]UnknownIf yes, what are the materials? ________(1)
Are there problems with the materials? [ ]Yes [
]No [ ]Unknown [ ]NA(2)
Are the materials covered by a warranty? [ ]Yes [ ]No [ ]Unknown [ ]NA(3)
Have the materials been inspected? [ ]Yes [ ]No [ ]Unknown [ ]NA(4)
Have there ever been claims filed for thesematerials by you or by previous owners? [ ]Yes [ ]No [ ]Unknown [ ]NA(5)
Was money received? [ ]Yes [ ]No [ ]Unknown [
]NA
(6)
Were any of the materials repaired orreplaced? [ ]Yes [ ]No [ ]Unknown [ ]NA6. DWELLING SYSTEMS AND FIXTURESIf the following systems or fixtures are includedin the purchase price, are they in good workingorder on the date this form is signed?A. Electrical system, including wiring, switches,outlets and service [ ]Yes [ ]No [ ]Unknown
B. Plumbing system, including pipes, faucets,fixtures and toilets [ ]Yes [ ]No [ ]UnknownC. Water heater tank [ ]Yes [ ]No [ ]UnknownD. Garbage disposal [ ]Yes [ ]No [ ]Unknown [ ]NAE. Built-in range and oven [ ]Yes [ ]No [ ]Unknown [ ]NAF. Built-in dishwasher [ ]Yes [ ]No [ ]Unknown [ ]NAG. Sump pump [ ]Yes [ ]No [ ]Unknown [ ]NAH. Heating and cooling
systems [ ]Yes [ ]No [ ]Unknown [ ]NAI. Security system [ ]Owned [ ]Leased [ ]Yes [ ]No [ ]Unknown [ ]NAJ. Are there any materials or products used inthe systems and fixtures that are or havebeen the subject of a recall, class actionsuit settlement or litigation? [ ]Yes [ ]No [ ]UnknownIf yes, what product? _______________(1)
Are there problems with the
product? [ ]Yes [ ]No [ ]Unknown(2)
Is the product covered by a warranty? [ ]Yes [ ]No [ ]Unknown(3)
Has the product been inspected? [ ]Yes [ ]No [ ]Unknown(4)
Have claims been filed for this productby you or by previous owners? [ ]Yes [ ]No [ ]UnknownIf yes, when? _______________(5)
Was money received? [ ]Yes [ ]No [ ]Unknown(6)
Were any of the materials or products repairedor replaced? [ ]Yes [ ]No [ ]UnknownA. Is there a Home Owners’ Associationor other governing entity? [ ]Yes [ ]No [ ]UnknownName of Association or Other GoverningContact Person __________________Address ______________________Phone Number
__________________B. Regular periodic assessments: $_____per [ ]Month [ ]Year [ ]Other _____*C. Are there any pending or proposed specialassessments? [ ]Yes [ ]No [ ]UnknownD. Are there shared “common areas” or jointmaintenance agreements for facilities likewalls, fences, pools, tennis courts, walkwaysor other areas co-owned in undivided
interestwith others? [ ]Yes [ ]No [ ]UnknownE. Is the Home Owners’ Association or othergoverning entity a party to pending litigationor subject to an unsatisfied judgment? [ ]Yes [ ]No [ ]Unknown [ ]NAF. Is the property in violation of recordedcovenants, conditions and restrictions or inviolation of other bylaws or governing rules,whether
recorded or not? [ ]Yes [ ]No [ ]Unknown [ ]NAWas the house constructed before 1974? [ ]Yes [ ]No [ ]UnknownIf yes, has the house been bolted to itsfoundation? [ ]Yes [ ]No [ ]UnknownA. Are there problems with settling, soil,standing water or drainage on the propertyor in the immediate area? [ ]Yes [ ]No [ ]Unknown
B. Does the property contain fill? [ ]Yes [ ]No [ ]UnknownC. Is there any material damage to the property orany of the structure(s) from fire, wind, floods,beach movements, earthquake, expansive soilsor landslides? [ ]Yes [ ]No [ ]UnknownD. Is the property in a designated floodplain? [ ]Yes [ ]No [ ]UnknownNote: Flood insurance may be required forE. Is the property in a designated slide orother geologic hazard zone? [ ]Yes [ ]No [ ]Unknown*F. Has any portion of the property been testedor treated for asbestos, formaldehyde, radongas, lead-based paint, mold, fuel or chemicalstorage tanks or contaminated soil or water? [ ]Yes [ ]No [ ]UnknownG. Are there any tanks or underground storage
tanks (e.g., septic, chemical, fuel, etc.)on the property? [ ]Yes [ ]No [ ]UnknownH. Has the property ever been used as an illegaldrug manufacturing or distribution site? [ ]Yes [ ]No [ ]Unknown*If yes, was a Certificate of Fitness issued? [ ]Yes [ ]No [ ]Unknown*I. Has the property been classified asforestland-urban interface? [ ]Yes [ ]No [ ]Unknown10.
FULL DISCLOSURE BY SELLERS*A. Are there any other material defects affectingthis property or its value that a prospectivebuyer should know about? [ ]Yes [ ]No*If yes, describe the defect on attached sheet andexplain the frequency and extent of the problemand any insurance claims, repairs or remediation.The foregoing answers and
attached explanations (if any) are complete and correct tothe best of my/our knowledge and I/we have received a copy of this disclosure statement.I/we authorize my/our agents to deliver a copy of this disclosure statement to allprospective buyers of the property or their agents.SELLER ______________________ DATE _______________SELLER ______________________ DATE
_______________II. BUYER’S ACKNOWLEDGMENTA. As buyer(s), I/we acknowledge the duty to pay diligent attention to any material defects that 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, or of any real estate licensee engaged by the seller or buyer. A financial institution or real estate licensee is not bound by and has no liability with respect to any representation, misrepresentation, omission, error or inaccuracy contained in another party’s disclosure statement required by this section or any amendment to the disclosure statement.
C. Buyer (which term includes all persons signing the “buyer’s 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(s).DISCLOSURES, IF ANY, 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. IF THE SELLER HAS FILLED OUT SECTION 2 OF THIS FORM, YOU, THE
BUYER, HAVE FIVE DAYS FROM THE SELLER’S DELIVERY OF THIS DISCLOSURE STATEMENT TO REVOKE YOUR OFFER BY DELIVERING YOUR SEPARATE SIGNED WRITTEN STATEMENT OF REVOCATION TO THE SELLER DISAPPROVING THE SELLER’S DISCLOSURE 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 PROPERTY DISCLOSURE STATEMENT.BUYER ______________________ DATE _______________BUYER
______________________ DATE _______________Agent receiving disclosure statement on buyer’s behalf to sign and date:______________________Real Estate Licensee______________________Real Estate FirmDate received by agent ________[2003 c.328 §3; 2007 c.30 §13; 2007 c.866 §8; 2009 c.387 §18; 2009 c.591 §14a; 2013 c.435 §1; 2017 c.147 §1; 2019 c.584 §1]
What type of mortgage law is recognized in Wisconsin quizlet?
What type of mortgage law is recognized in Wisconsin? Lien theory... Explanation: Under lien theory, the buyer has legal title and the lender has the right to place a lien on the buyer's property given as collateral for the loan.
Who is responsible for filling in the effective date on the sales contract?
What is the effective date and what date should I put for the effective date on my contract? The effective date should always be filled in on page 8 of the contract and the responsibility for completion falls to the Realtors involved in the transaction.
Which of the following is considered a natural hazard zone?
What is a natural hazard zone? A natural hazard zone refers to areas where homes are at greater risk for property damage or destruction by Mother Earth or Mother Nature. These risks include: earthquakes, tornados, landslides, wildfires, volcanoes, hurricanes, tsunamis and other natural disasters.
Which of the following refers to a business that has an actual physical presence?
Brick and mortar (also bricks and mortar or B&M) refers to a physical presence of an organization or business in a building or other structure. The term brick-and-mortar business is often used to refer to a company that possesses or leases retail shops, factory production facilities, or warehouses for its operations.