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Listing Contract Details
Understanding your Legal Rights and Obligations:
You have the right to sell your home without the use of an agent or other third party.
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You can price your home at any level. |
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You can change your mind about selling it. You can also change the price at any time. |
You can show your house to anyone you choose.
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You can likewise refuse to show your house to anyone who doesn't meet your guidelines; e.g., someone who doesn't have the financial capacity to afford your home. |
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Please note: you cannot however refuse to show your house based on race, color, religion, sex, national origin, or disability. |
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In other words, you cannot discriminate. This also applies to those who are elderly and to those who have children. |
You can sell your home to whomever you please.
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You can likewise refuse to sell your home to someone who for example, may disturb the peaceful setting of the neighborhood with a bunch of dogs. |
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But note that you cannot discriminate based on race, color, religion, sex, national origin, or disability. |
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For more information about fair housing laws: http://www.HUD.gov |
Understanding Your Obligations:
Once you enter into a sales contract, you are obligated to fulfill the terms of the contract.
Your home must be in working condition on settlement date. You must inform the buyer about the condition of your house.
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Personal items that belong to the Seller must be removed from the house and property prior to possession. The house should be thoroughly cleaned. |
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Items that are "attached" to the home and other agreed upon items stated in the contract must be turned over upon closing. |
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You will pay any related commission fees if other third-parties were involved in the sale of your home |
Legal Disclosure Forms
In Oregon, you will be required to complete and deliver three highly important disclosure forms:
1. Seller Disclosure of Property Condition:
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This form mandates the seller to state the condition of the house; and in agreement with the buyer, acknowledge that the conditions prevent the buyer from suing the seller later on for repair or replacement. |
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You must state the overall condition of the house such as: |
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Basement / foundation |
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Plumbing / septic tanks / sewer systems / etc. |
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Electrical systems |
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Roof |
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Heating and cooling |
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Groundwater contamination |
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and any dangerous substances in the home such as asbestos and radon gases |
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You must also state the overall condition of appliances and components that will remain in the house such as: |
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Kitchen ranges/ovens/microwaves |
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Dishwashers |
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Refrigerators |
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Alarm systems |
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Pool heaters |
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Sump pumps |
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Fireplaces/chimneys |
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You will note the overall condition as being good, fair, or poor. If you don't know the overall condition of a certain item, mark it "unknown".
This alerts the buyer to have the "unknown condition" inspected.
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2. Lead-Based Paint Disclosure Form
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If your home was built prior to 1978, you must furnish the buyer any information or reports related to lead-based paint in the home.
The buyer can then make an inspection or assessment on how related paint can be removed.
For more information about lead paint: http://www.nsc.org
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3. Siding Disclosure
FAILURE OF DISCLOSURE
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If you fail to notify correctly or to falsify any of the reporting above, the buyer may return after the sale and recover damages.
Be honest in all reporting. If you don't know the overall condition of the particular item, simply state "unknown". This will obligate the buyer to make a thorough inspection.
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