Most real estate licensees in Oregon advise buyers that they represent that obtaining a professional home inspection is the most important thing a buyer can do for their protection. Most buyers take the advice to heart. Lenders sometimes need an inspection of pests and dry rot before lending money on land. Sellers should therefore consider that one or more professional inspections are carried out by inspectors recruited by potential buyers. The resulting inspection reports provide the buyer with detailed information about the physical condition of the home, its systems and devices, and will generally identify potential future problems. The buyer`s ability to finance the property is a significant contingency in most residential transactions. Buyers must act in good faith and do their best to obtain a loan if the sale depends on obtaining a loan. Buyers often require prior authorization from a lender before making an offer. Sellers often require such letters as part of the transaction process. Sellers should discuss with their agent the use of prior authorization letters, including common forms such as the Oregon report on loan residential application. Here is a copy of the Oregon Residential Loan Application Report Oregon Residential Loan Application Report. Once the review is completed, the loan insurer authorizes final approval of the loan. Most home purchase forms contain a provision that allows the buyer to cancel the transaction if the property is less rated than the purchase price.

It is only when the valuation and insurance process is complete that a real loan is guaranteed. Most real estate transactions depend on the buyer`s agreement for the preliminary title report and all conditions, agreements and restrictions (CC-R) related to the property. The seller is required to receive a report and pay for it and make it available to the buyer. The report, prepared by title insurance, contains important information that the seller should, as far as possible, verify before marketing. Sellers are responsible for choosing the terms of their agreement. Real estate licensees can provide sellers with important marketing, business and trading advice. Real estate licensees can only help establish sales documents by following the client`s instructions. Real estate licensees are not lawyers and cannot provide legal advice. For a recommendation for a real estate lawyer, visit the Oregon State Bar website or call 503-684-3763 (Portland Metro) or 800-452-7636 (Greater Oregon). Back to Top Individual Communities in Oregon may have additional rules for the sale or use of wood stoves and fireplaces.