Property Sellers Have New Requirements in 2002

PORTLAND-The 2001 Oregon Legislature has enacted legislation requiring any property owner, under the threat of criminal liability, to provide purchasers with information and records of construction projects on the property for the two years immediately preceding the sale of the property, reports John H. Baker, a real estate attorney with Portland-based Jordan Schrader. Intended as a consumer protection measure, House Bill 3842 took effect Jan. 1.

“This law poses a substantial risk of noncompliance upon homeowners and commercial property owners, who may occasionally buy and sell real property but do not have occasion to maintain the sort of records contemplated by this law in the ordinary course of their affairs,” states Baker in a note to clients. “Failure to comply with any of these requirements is a misdemeanor that may result in a $2,000 fine and up to six months in jail! This law, with its penalty, applies to all sellers, including professional developers, commercial property owners and homeowners.”