Oregon Statutes 105.475 – Buyers statement of revocation of offer; criteria
(1) If a seller issues a seller’s property disclosure statement and a buyer has not then delivered to the seller a written statement waiving the buyer’s right to revoke the buyer’s offer, the buyer shall have five business days after delivery of the seller’s property disclosure statement to revoke the buyer’s offer by delivering to the seller a separate signed written statement of revocation disapproving the seller’s disclosure.
Terms Used In Oregon Statutes 105.475
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
(2) If a buyer fails to timely deliver to a seller a written statement revoking the buyer’s offer, the buyer’s right to revoke the buyer’s offer expires.
(3) If a buyer closes the transaction, the buyer’s right to revoke based on ORS § 105.462 to 105.490, 696.301 and 696.870 is terminated.
(4) If the seller fails or refuses to provide a seller’s property disclosure statement as required under this section, the buyer shall have a right of revocation until the right is terminated pursuant to subsection (3) of this section.
(5) If the buyer revokes the offer pursuant to this section, notwithstanding ORS § 696.581, the buyer is entitled to immediate return of all deposits and other considerations delivered to any party or escrow agent with respect to the buyer’s offer, and the buyer’s offer is void.
(6) When the deposits and other considerations have been returned to the buyer, upon the buyer’s signed, written release and indemnification of the holders of the deposits and other considerations, the holders are released from all liability for the deposits and other considerations.
(7) Any seller’s property disclosure statement issued by the seller is part of and incorporated into the offer and the acceptance. [1993 c.547 2,3; 2003 c.328 § 6]