OAR 812-012-0140: Requirements for Notice of Compliance with Homebuyer Protection Act

(1) Under ORS 87.007(3), a seller of residential property must deliver a Notice of Compliance with Homebuyer Protection Act on or before the date the sale of the property closes to the purchaser of: (a) A new single family residence, condominium or residential building; or (b) An existing single-family residence, condominium or residential building where: (A) The price for original construction, including but not limited to an addition to the single family residence, condominium or residential building, that is completed within three months prior to the date of the sale of the property is $50,000 or more; or (B) The contract price for improvements to the single-family residence, condominium or residential building that are completed within three months prior to the date of the sale of the property is $50,000 or more. (2) The seller must deliver the notice required under ORS 87.007(3) on or before the close of the sale of the property. (3) The notice required under ORS 87.007(3) shall be on the form adopted under OAR 812-001-0200. (4) Under ORS 87.007(3), a seller of residential property may specify on the Notice of Compliance with Homebuyer Protection Act that 87.007(2) does not apply to the sale of the property if the seller knows that no person may enforce a valid lien against the property because: (a) The last day to perfect any lien on the property under ORS 87.035 was prior to the date of sale of the property; and (b) No lien was perfected.