Planned Community, Townhome or Development by Phil Querin
Planned Community, Townhome and Condominium Ownership – Which Form Should I Use?
While most real estate brokers know a condominium when they see one, can the same be said of a “townhouse”? How do the two differ? Is there such a thing as a “townhome condominium”? Do townhomes have common and limited elements? What if the home is not a condo or townhome, but located in a “planned community”? How does that differ from a condominium or townhome?
OREF has two sets of forms to deal with these situations. One, the Residential Condominium Real Estate Sale Agreement is exclusively for the sale of pre-owned residential condominium units (Form 011), and another, the Townhouse/Planned Community Addendum (Form 023). Below is a summary of the basic distinctions between these types of ownership, and which transactional form is appropriate for each one.
 If the condo has not been conveyed to a purchaser, i.e. it is brand new, the sale document is a “Unit Sales Agreement”, and its contents are governed by ORS Chapter 100.
Buyer Professional Inspection Reports – Should Copies Be Turned Over To Sellers?
The OREF Residential Sale Agreement provides at Section 10 (Licensed Professional Inspections) that: “Buyer shall promptly provide a copy of all reports to Seller only if requested by Seller.” Read more….
QUERIN LAW: Tips For Reading Oregon’s Seller Property Disclosure Form
Introduction. The seller’s property disclosure form is second only to the home inspection report in giving buyers important information about the condition of the home they intend to purchase. However, these are two entirely different documents. The home inspection report is prepared for the buyer by an independent unbiased professional source.
TRID Fatigue? Here’s What Buyers Need To Know (In Plain English)
As with much that the CFPB does these days, there is some that is good, some bad, and some, just plain ugly. And for a cynic like me, everything – even the good stuff – seems to be imparted with a slightly paternalistic and patronizing tone.
Oregon Association of Realtors® Advisories (Seller and Buyer) and Legal Hotline
Beginning January 1, 2005, the OAR Legal Hotline became available to all members on an individual subscription basis. Any member of the Oregon Association of REALTORS® may join the Legal Hotline whether his/her principal broker is a Hotline member or not. If an individual broker joins the Hotline, the broker’s principal broker will be notified. Individual subscriptions to the Legal Hotline are valid for one year from the date of subscription.
Lead-Based Paint Disclosure Obligations
Despite the fact that the federal lead-based paint law (“LBP”) has been in effect since 1996, each year there is always some confusion among brokers about the timing of delivery of giving the LBP information. This confusion is usually coupled with some cautionary tale about a broker or company that received a substantial fine for noncompliance.