2019 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 100 - Condominiums
Section 100.655 - Disclosure statement; contents; disclosure statement from other state; declarant liability limited.

(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 (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)(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:

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NOTICE TO PROSPECTIVE PURCHASERS

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.

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(h) If a provision for reserves under ORS 100.175 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;

(B) A statement that the information constituting the basis for the reserve assessment identified under ORS 100.175 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, the following notice in at least 12-point type and in all capitals or boldface:

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NOTICE TO PROSPECTIVE PURCHASERS

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.

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(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 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 contains or may contain any variable property, a statement of the rights reserved by the declarant under ORS 100.150 (1) and the results specified in ORS 100.155 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]