Sale prohibited prior to issuance of disclosure statement
- • exception
- • distribution
- • use of disclosure statement
(1) Except as provided in ORS 100.665 (Exemption to certain disclosure and notice requirements), no developer or agent of a developer shall enter into a unit sales agreement prior to the issuance of the disclosure statement for the condominium.
(2) A copy of the disclosure statement for a condominium shall 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 shall 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 shall not be used for advertising purposes unless it is used in its entirety. No portion of the disclosure statement shall 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 shall be subject to the provisions of ORS 336.184 (Oregon Student Information Protection Act) and 646.605 (Definitions for ORS 336.184 and 646.605 to 646.652) to 646.656 (Remedies supplementary to existing statutory or common law remedies), in addition to other sanctions provided by law. [Formerly 94.384]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.