Oregon Statutes 100.705 – Sale prohibited prior to issuance of disclosure statement; exception; distribution; use of disclosure statement
(1) Except as provided in ORS § 100.665, a developer, or an agent of the developer may not enter into a unit sales agreement prior to the issuance of the disclosure statement for the condominium.
Terms Used In Oregon Statutes 100.705
- Commissioner: means the Real Estate Commissioner. See Oregon Statutes 100.005
- Developer: means a declarant or any person that acquires an interest in a condominium from declarant, successor declarant or subsequent developer for the primary purpose of resale. See Oregon Statutes 100.005
- Purchaser: means an actual or prospective purchaser of a condominium unit pursuant to a sale. See Oregon Statutes 100.005
(2) A copy of the disclosure statement for a condominium must be given to the prospective purchaser of a unit in the condominium by the developer or an agent of the developer, not later than the date the unit sales agreement is fully executed by all parties. The developer shall take a receipt from the prospective purchaser upon delivery of a copy of the disclosure statement, and such receipts must be kept on file within this state in the possession of the developer or the agent of the developer subject to inspection by the Real Estate Commissioner for a period of three years from the date the receipt is taken.
(3) The disclosure statement may not be used for advertising purposes unless it is used in its entirety. No portion of the disclosure statement may be underscored, highlighted, italicized or printed in larger or heavier type than the balance of the statement unless the true copy of the statement so emphasizes such portion.
(4) The commissioner may furnish at cost copies of the disclosure statement for the use of developers.
(5) Violations of this section are subject to the provisions of ORS § 336.184 and 646.605 to 646.656, in addition to other sanctions provided by law. [Formerly 94.384; 2019 c.69 § 30]