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Commercial Sale Agreement – disclosures

Commercial Sale Agreement – disclosures

1

Remove or modify the section about property disclosures (lines 214 – 218) as “Oregon Law” does not require disclosures and the lines are misleading and totally incorrect.

Asked the OAR/OREA Legal Hotline the following and here is the email text:

QUESTION:
Does the seller property disclosure law apply to commercial transactions as well as residential?

Same question regarding lead-based paint.

THEIR ANSWER:
“The property disclosure statement is required for residential properties with up to four dwelling units, but not for commercial properties or those with more than four dwelling units.

Also, lead based paint regulations relate to residential properties only.”

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