Statute Of Limitations For Real Estate Disclosure Oregon
Introduction:
When purchasing a property, it is important to be aware of any potential issues that may arise. In Oregon, the law requires sellers to disclose certain information regarding the property to the buyer. However, there are limitations to how long a buyer can bring a claim against the seller for failure to disclose certain information. This article will discuss the statute of limitations for real estate disclosure in Oregon.
What is the statute of limitations for real estate disclosure in Oregon?
In Oregon, the statute of limitations for real estate disclosure claims is two years from the date of the sale or transfer of the property. This means that if a buyer discovers an issue with the property that the seller failed to disclose, they have two years from the date of the sale to bring a claim against the seller.
What information is required to be disclosed by the seller?
Under Oregon law, sellers are required to disclose certain information about the property to the buyer. This includes any known defects or malfunctions with the property's systems or appliances, any environmental hazards such as lead paint or asbestos, and any history of flooding or other water damage. Additionally, sellers are required to disclose any material defects that could affect the value or desirability of the property.
What happens if the seller fails to disclose required information?
If a seller fails to disclose required information about the property, the buyer may have a claim against the seller for damages. The buyer must show that the seller knew or should have known about the issue and failed to disclose it to the buyer. If the buyer can prove this, they may be entitled to damages such as the cost of repairs or a reduction in the purchase price of the property.
Exceptions to the statute of limitations:
There are some exceptions to the two-year statute of limitations for real estate disclosure claims in Oregon. For example, if the seller fraudulently concealed the issue from the buyer, the statute of limitations may be extended. Additionally, if the buyer could not have reasonably discovered the issue within the two-year timeframe, the statute of limitations may also be extended.
Conclusion:
When purchasing a property in Oregon, it is important to be aware of the seller's disclosure obligations and the statute of limitations for bringing a claim against the seller for failure to disclose required information. If you have any questions or concerns about real estate disclosure in Oregon, it is recommended that you consult with a qualified attorney.