Listing Vacant Land: Do You Need OREF 019?

Q: I’m preparing to list a vacant lot for sale. Is OREF 019—Vacant Land Disclosure required by statute? Should I have my seller complete it at the time of signing a listing so it’s ready for a potential buyer?

A: A disclosure statement regarding vacant land is not statutorily required. OREF created OREF 019 – Vacant Land Disclosure Addendum in response to subscriber requests, to protect buyers and sellers involved in a vacant land transaction. It functions very similarly to the Seller’s Property Disclosure Statement, including a 5-business-day right to revoke.  The Vacant Land Real Estate Sale Agreement includes three options for a buyer to select from regarding the disclosure statement. They can a) make their offer contingent upon receiving the Vacant Land Disclosure, or b) make their offer contingent upon receiving the Vacant Land Disclosure but waive their right to revoke, or c) they can waive the right to receive the disclosure statement and the right to revoke. Check with your managing principal broker to see what their advice is in this situation.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.