ORS 100.655
Disclosure statement

  • contents
  • disclosure statement from other state
  • declarant liability limited

(1)

The disclosure statement submitted to the Real Estate Commissioner as part of a filing under ORS 100.635 (Filing with commissioner) must contain the following information:

(a)

The name and address of the condominium, and the name, address and telephone number of the developer.

(b)

A general narrative description of the condominium stating the total number of units, a description of the types of units, the total number of units that may be included in the condominium pursuant to ORS 100.105 (Contents of declaration) (2), and a precise statement of the nature of the interest which is being offered.

(c)

A reference to the recording index numbers and date of recording of the declaration, bylaws and plat with the county recording officer or a statement that the proposed condominium is not yet submitted to the condominium form of ownership.

(d)

If at the time of filing:

(A)

The construction of the project is not completed, general disclosure of the status of construction and the actual or scheduled dates of completion of buildings, recreational facilities and other common elements, including a statement describing any recreational facilities or improvements to the common elements that the developer reserves the right to develop or promises to develop, or a statement that there are no such facilities or improvements; or

(B)

The construction of the project is completed, the actual dates of completion of buildings, recreational facilities and other common elements if known by the developer.

(e)

The nature and significant terms of any financing offered by the developer to purchasers of the condominium units.

(f)

Copies of any warranties for structural elements and mechanical and other systems or a brief description of such warranties.

(g)

Intentionally left blank —Ed.

(A)

A current or projected budget of the association of unit owners for the operation and maintenance and any other common expenses of the condominium, including an amount for a subsidy of the association by the declarant, if any, by a contribution of funds, goods or services;

(B)

A brief statement of the method of determining liability for common expenses and the right to common profits; and

(C)

The following notice in at least 12-point type and in all capitals or boldface:

THE PROJECTION OF THE BUDGET OF THE ASSOCIATION OF UNIT OWNERS FOR THE OPERATION AND MAINTENANCE AND OTHER COMMON EXPENSES OF THE CONDOMINIUM IS ONLY AN ESTIMATE, PREPARED WITH DUE CARE.

(h)

If a provision for reserves under ORS 100.175 (Reserve account for maintaining, repairing and replacing common elements) is included in the budget disclosed under paragraph (g) of this subsection:

(A)

A statement identifying the information constituting the basis for the reserve assessment under ORS 100.175 (Reserve account for maintaining, repairing and replacing common elements);

(B)

A statement that the information constituting the basis for the reserve assessment identified under ORS 100.175 (Reserve account for maintaining, repairing and replacing common elements) is available for review upon written request to the declarant or the designated person, unless included in the disclosure statement; and

(C)

If the reserve study is not submitted with the filing required by ORS 100.635 (Filing with commissioner), the following notice in at least 12-point type and in all capitals or boldface:

THE RESERVE STUDY IS NOT CURRENTLY AVAILABLE FOR REVIEW. THE REAL ESTATE COMMISSIONER MAY NOT APPROVE THE DECLARATION FOR RECORDING UNLESS THE RESERVE STUDY HAS BEEN SUBMITTED. WHEN COMPLETED, THE RESERVE STUDY WILL BE AVAILABLE FOR REVIEW AT THE OFFICE OF THE REAL ESTATE COMMISSIONER OR UPON WRITTEN REQUEST TO THE DECLARANT OR DESIGNATED PERSON. PROSPECTIVE PURCHASERS SHOULD CONTACT THE DECLARANT REGARDING THE ANTICIPATED AVAILABILITY OF THE RESERVE STUDY OR ANY OTHER INFORMATION ABOUT THE PROPOSED CONDOMINIUM.

(i)
In the case of a conversion condominium, a statement of:

(A)

The present condition of all structural components and major mechanical and utility installations in the condominium, including the approximate date of construction and a reasonable estimate of the remaining useful life of, at a minimum, the roof, siding, plumbing, electrical, HVAC system, asphalt, sidewalks and decks;

(B)

In at least 12-point type and in all capitals or boldface, whether the assessment of conditions under subparagraph (A) of this paragraph was prepared by a registered engineer, registered architect or certified home inspector; and

(C)

The statutory procedure required to create a conversion condominium.

(j)

A cross-reference to the portions of the declaration, any supplemental declaration and bylaws containing the general power and authority of the board of directors, the method of apportionment of voting rights among the unit owners and a statement of the nature and extent of control of the board of directors retained by the developer by voting rights or otherwise.

(k)

A list of the documents by which purchasers may be bound, including the declaration, bylaws, ground leases, management agreement, easements, covenants, restrictions and conditions.

(L)

A statement of whether there are any restrictions on alienation of units or any use or occupancy restrictions, such as limitations on residential or commercial use, pets, age of occupants or number of occupants, and a cross-reference to those portions of the declaration, any supplemental declaration, bylaws or any other document containing the principal provisions relating to those restrictions.

(m)

If the condominium is a staged condominium, whether the declarant reserves the right to annex additional property to the condominium pursuant to ORS 100.125 (Annexation of additional property) and, if so:

(A)

The maximum number of units;

(B)

The date after which annexation right terminates;

(C)

The description of additional common elements declarant reserves right to annex to the property and whether such common elements might substantially increase the proportionate amount of common expenses by current unit owners; and

(D)

The effect of annexation of additional units on allocation of interest in the common elements and voting rights.

(n)

If the condominium or any stage being filed under ORS 100.635 (Filing with commissioner) contains or may contain any variable property, a statement of the rights reserved by the declarant under ORS 100.150 (Declarant’s options until termination date) (1) and the results specified in ORS 100.155 (Variable property) if such rights are not exercised.

(o)

Any additional information required by the commissioner.

(2)

In lieu of the disclosure statement required under subsection (1) of this section, the commissioner may accept a disclosure report issued or approved by another state or governmental agency.

(3)

The declarant is not liable to the association or the owners with respect to a statement of condition or estimate of useful life contained in the disclosure statement if:

(a)

The declarant did not have actual knowledge of any inaccuracies in the statement at the time of delivery of the disclosure statement to the purchaser; and

(b)

The declarant relied upon reports prepared by registered engineers or registered architects in making the statement or, if the condominium has four or fewer units, reports prepared by registered engineers, registered architects or certified home inspectors. [Formerly 94.351; 1997 c.816 §14; 1999 c.677 §55; 2001 c.756 §54; 2003 c.569 §40; 2007 c.409 §36; 2009 c.259 §22; 2019 c.69 §24]

Source: Section 100.655 — Disclosure statement; contents; disclosure statement from other state; declarant liability limited, https://www.­oregonlegislature.­gov/bills_laws/ors/ors100.­html.

100.005
Definitions
100.010
Short title
100.015
Rules
100.020
Condominium provisions
100.022
Application of zoning, subdivision, building code or real property law to condominium
100.023
Void and unenforceable provisions of condominium governing document
100.025
Rule against perpetuities
100.100
Property submitted to unit ownership by declaration
100.102
Leasehold condominium submitted to unit ownership
100.103
Effect of submission of leasehold condominium to unit ownership
100.105
Contents of declaration
100.110
Approval of declaration, supplemental declaration or amendment required
100.115
Recording declaration and plat
100.116
Plat amendment
100.117
Correction amendment to declaration or bylaws
100.118
Correction amendment to condominium plat
100.119
Restated declaration
100.120
Supplemental declaration and plat required to annex additional property or reclassify variable property
100.122
Declaration prevails over inconsistent provisions of bylaws or articles of incorporation
100.123
Authority to amend declaration or bylaws to comply with federal or state law
100.125
Annexation of additional property
100.130
Relocation of unit boundaries and common elements by amendment to declaration
100.135
Amendments to declaration
100.140
Temporary relocation of floating structure
100.150
Declarant’s options until termination date
100.155
Variable property
100.170
Easement held by declarant
100.175
Reserve account for maintaining, repairing and replacing common elements
100.185
Express warranties
100.200
Declarant control of association
100.205
Transitional committee
100.210
Turnover meeting
100.220
Liabilities and obligations arising from transfer of special declarant right
100.225
Acquisition of special declarant rights by successor declarant
100.250
Documents required to be filed with Real Estate Agency
100.255
Processing of documents filed with Real Estate Agency
100.260
Condominium Information and Annual Reports
100.265
Annual Report
100.275
Application of ORS 100.250 to 100.280
100.280
Termination of filing Condominium Information Report
100.285
Resignation of designated agent
100.290
Rules
100.300
Inapplicability of ORS 100.301 to 100.320 to transient lodgings
100.301
Definitions for ORS 100.301 to 100.320
100.305
Conversion condominium
100.310
Rights of tenants in conversion
100.315
Improvements in conversion condominium during notice period
100.320
Authority of city or county to require developer to pay tenant moving expenses
100.405
Association of unit owners
100.407
Annual and special meetings of association
100.408
Quorum for meeting of association
100.409
Rules of order
100.410
Adoption of bylaws
100.411
Restated bylaws
100.413
Approval of amended or restated bylaws
100.415
Contents of bylaws
100.416
Criteria for board of directors membership
100.417
Board of directors of association
100.418
Receivership for failure of association to fill vacancies on board of directors
100.419
Assent of director to board action
100.420
Board meetings
100.423
Electronic notice to owner or director
100.425
Use of written ballot for approving or rejecting matters subject to meeting of unit owners
100.427
Methods of voting
100.428
Electronic ballot
100.430
Unit deeds
100.435
Insurance for individual units and common elements
100.440
Liens against property
100.445
Independent default clauses
100.450
Association lien against individual unit
100.460
Foreclosure against unit
100.465
Circumstances in which deed in lieu of foreclosure extinguishes lien
100.470
Lien foreclosure
100.475
Personal liability for assessment
100.480
Maintaining documents and records
100.481
Application of ORS 100.480
100.483
Annual budget
100.485
Duration and termination of initial management agreements and service and employment contracts
100.490
Notice to unit owners of intent of association to commence judicial or administrative proceedings
100.505
Status and ownership of units
100.510
Units and common elements distinguished
100.515
Interest of units in common elements
100.520
Easement held by units and common elements
100.525
Voting or consenting
100.530
Allocation of common profits and expenses
100.535
Maintenance and improvement of units
100.540
Use and maintenance of common elements
100.545
Compliance with bylaws and other restrictions
100.550
Service of process
100.555
Taxation of units
100.600
Termination of association or removal of real property by unit owners
100.605
Removal of property from association
100.610
Common ownership of property removed from unit ownership
100.615
Action for partition
100.620
Termination or removal no bar to resubmission
100.625
Procedure for dividing or converting units
100.626
Legislative findings
100.627
Electric vehicle charging stations
100.635
Filing with commissioner
100.640
Filing
100.645
Filing information to be kept current
100.650
Service of process on nonresident developer
100.655
Disclosure statement
100.658
Limited residential condominium filing
100.660
Nonresidential condominium or security filing
100.665
Exemption to certain disclosure and notice requirements
100.668
Documents and information included with filing
100.670
Fees
100.675
Inventory of filing
100.680
Escrow of unit sales agreement
100.685
Contents of unit sales agreement
100.700
Inspection of condominium
100.705
Sale prohibited prior to issuance of disclosure statement
100.710
Inspection deposit
100.720
Conditions prerequisite to sale
100.725
Documents prerequisite to execution of sale agreement and conveyance of unit
100.730
Cancellation of sale of unit
100.735
Waiver of right to cancel
100.740
Notice to purchaser of cancellation rights
100.745
Escrow documents required of successor to vendor’s interest
100.750
Inspection of records
100.770
Fraud and deceit prohibited
100.775
False or misleading advertising prohibited
100.780
Waiver of legal rights void
100.785
Blanket encumbrance prohibited
100.900
Civil penalty
100.905
Cease and desist order
100.910
Use of fees
100.920
Changes or actions that require approval or consent of mortgagee
100.990
Criminal penalties
Green check means up to date. Up to date