Disclosure required in real estate transaction involving water right
- • exception
- • delivery of available permit, order or certificate
- • effect of failure to comply
(1) In any transaction for the conveyance of real estate that includes a water right, the seller of the real estate shall, upon accepting an offer to purchase that real estate, also inform the purchaser in writing whether any permit, transfer approval order or certificate evidencing the water right is available and that the seller will deliver any permit, transfer approval order or certificate to the purchaser at closing, if the permit, transfer approval order or certificate is available.
(2) Upon closing and delivery of the instrument of conveyance in a real estate transaction involving the transfer of a water right, the seller shall also deliver to the purchaser evidence of any permit, transfer approval order or certificate of water rights if the permit, transfer approval order or certificate is available.
(3) The failure of a seller to comply with the provisions of this section does not invalidate an instrument of conveyance executed in the transaction.
(4) This section does not apply to any transaction for the conveyance of real estate that includes a water right when the permit, transfer approval order or certificate evidencing the water right is held in the name of a district or corporation formed pursuant to ORS chapter 545, 547, 552, 553 or 554.
(5) As used in this section:
(a) Certificate means a certificate or registration issued under ORS 537.250 (Water right certificate) (1), 537.585 (Beneficial use of ground water prior to August 3, 1955, recognized as right to appropriate water when registered), 539.140 (Water right certificates) or 539.240 (Claim to undetermined right to appropriate surface water).
(b) Permit means a permit issued under ORS 537.211 (Issuance of permit if application approved), 537.240 (Federal permit) or 537.625 (Final order).
(c) Transfer approval order means an order of the Water Resources Commission issued under ORS 540.530 (Order authorizing change of use, place of use or point of diversion). [1979 c.535 §4; 1981 c.448 §1; 1991 c.411 §1; 1995 c.274 §12; 2005 c.14 §1]
IN-STREAM WATER RIGHTS
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