Fall 2025 Form Updates

Section added right before signatures laying out the obligations for the FinCEN real estate report. Under federal regulation, certain transactions result in the filing of a report with the Financial Crimes Enforcement Network, and this section mimics the regulatory requirement.

ORS 537.330 lays out a mandatory disclosure of water permits, transfer approval orders, or certificates both upon acceptance of the offer, and at closing. A provision has been added to the end of the “Time Period Terms” section of the Sale Agreements to address this requirement.

This form is a Seller’s offer to a Buyer, allowing the Seller to dictate the terms for acceptance, or allowing Seller to initiate the offer. It is largely identical to the residential sale agreement but with a few minor variations on language to reflect that the offer is coming from the Seller.

• In the attached Final Agency acknowledgement, there is a checkbox allowing the Seller to indicate that a Buyer is unrepresented.
• Section 29 “Due Diligence Contingency” otherwise found in a normal sale agreement is now a “Discretionary Contingencies” section. The Buyer retains their ability to inspect and terminate, but Seller is separately granted a 2 Business Day period after acceptance to disapprove of the Buyer or the Buyer’s financing and terminate, refunding the Buyer’s earnest money.

• Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.
• On the Section 5 Type provision, definitions have been modified for consistency to clarify that a “Domestic well” is a 1 property serving well. A shared domestic well is a well that may have share agreements and is not considered a community well or Very Small Water System under OAR 333, but is still technically a domestic purpose well requiring testing. A community well is a well that serves 4 or more properties.
• On the Section 8 Statutorily Required Water Quality Testing provision now specifies that the required tests are at Seller’s expense. Tests must now be ordered within 2 business days after mutual acceptance, and results must be reported back to Buyer and OHA within 2 Business Days after they are received. All well testing must be completed within 15 business days.
• In the Section 9 Optional Water Testing section, the tests are ordered by the Buyer within 2 business days after mutual acceptance, and the Buyer must complete the tests within 15 business days. If the Buyer fails to complete the tests for some reason other than Seller’s refusal to cooperate, the Buyer will have waived their right to terminate due to the optional tests.

• Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.
• Language has been added indicating that a service is only requested in section 5 if the parties check one of the boxes. If neither box is checked for who pays the expense, the service is not to be ordered.
• There is no longer a “filtration” section as the provision as the presence of or type of filtration system on seller’s septic system was not often information known to the buyer or buyer agent.
• The Existing System Evaluation must be performed on the DEQ Existing System Evaluation report form.
• All evaluations and services must be completed within 15 business days after mutual acceptance. The Buyer may be present during these evaluations as a contractual right now. If Buyer fails to complete the tests within the 15 day timeline for a reason other than seller noncooperation or nonpayment, the buyer is treated as waiving their right to terminate the property due to disapproval of the evaluations.

Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.

Minor clarity changes and redundant language removal.

Insurance provision previously stated that the renter would obtain a renter’s policy with a liability coverage of $1 million. Now it reads that they shall obtain a renter’s insurance policy or a combination of renter’s insurance and umbrella policy with at least $1 million in liability coverage.

Minor clarity changes to language.

“Effective Date” section replaced with “Timeframes” section that establishes all timelines as beginning upon seller delivering the “required documents” indicating that the primary offer has been terminated.

Previously the top of the document noted that the property was subject to a special assessment under ORS 358.505. Now, that language is in the “Special Assessment” section of the contract and only when there actually is a special assessment.

Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.

Additional sections added to reflect changes in 2025-2 edition of forms that establish new potential avenues for a contractual default.

Additional sections added to reflect changes in 2025-2 edition of forms that establish new potential avenues for a contractual default.

Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.

Previous versions used the term “Promptly” that was defined in the main sale agreement as “as soon as practicable, but at no time more than 2 business days.” The term has now been replaced where appropriate with “Within 2 Business Days” for clarity.

• Interest provision options modified, a ___% option has been added.
• 8.4 language added to interest section noting that the interest rate may not be greater than the Applicable Federal Rate.
• 8.2 “term” section modified to have time options between 1 and 7 years, or 10, 15, 20, 25, and 30 years.
• 8.1, 8.2 Late Fee provision modified to include options for a flat fee rather than just percentage values.

Advisory language added on the National Flood Insurance Program “NFIP”