What is a disclosure statement for a purchase agreement?

A disclosure statement for a purchase agreement is a document used when buying or selling real estate in Oregon. It is a legal requirement that the seller provide a disclosure statement to the buyer before signing a purchase agreement. The purpose of the disclosure statement is to let the buyer know of any problems with the property that could affect its value. The disclosure statement lists any known problems with the property such as structural damage, any environmental hazards, or any other issues that could be a factor in the sale or purchase. For example, the seller must disclose if the house has an active termite infestation, a leaky roof, or any other damage that could have a negative effect on the value of the home. The seller must also disclose any recent repairs and modifications or changes made to the property. This means that the buyer will know if the house has been recently remodeled or if there have been improvements made that could affect its value. The buyer should review the disclosure statement thoroughly and ask questions before signing the purchase agreement. This is to make sure that the buyer is fully aware of any potential problems with the property and the associated costs of repairs.

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What is a disclosure statement for a purchase agreement?

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