Oregon mandates property disclosure for buyers under HB 3526 regulations

House Bill 3526, introduced in the Oregon State Legislature on February 17, 2025, aims to enhance transparency in real estate transactions by mandating a standardized property disclosure statement for sellers. The bill seeks to address concerns regarding buyer awareness of property conditions, thereby reducing disputes and fostering trust in the housing market.

Key provisions of HB 3526 require sellers of residential properties to deliver a detailed disclosure form to potential buyers who submit written offers. This form must be completed without any blank spaces, ensuring that buyers receive comprehensive information about the property’s condition. If sellers refuse to provide this disclosure, buyers are granted the right to revoke their offers prior to closing, a measure intended to protect consumer interests.

The bill has sparked notable discussions among lawmakers and stakeholders. Proponents argue that the standardized form will simplify the disclosure process and provide buyers with essential information, potentially reducing litigation related to undisclosed property issues. However, some opposition has emerged, particularly from real estate professionals who express concerns about the administrative burden and potential liability that could arise from the new requirements.

Economically, the bill could have significant implications for the housing market in Oregon. By increasing transparency, it may encourage more buyers to enter the market, knowing they have access to critical information about the properties they are considering. Conversely, some fear that the additional requirements could deter sellers, particularly those who may find the process cumbersome.

As the bill progresses through the legislative process, experts suggest that its passage could lead to a more informed buyer base and a more accountable real estate market. The next steps will involve further debates and potential amendments as lawmakers consider the feedback from various stakeholders. If enacted, HB 3526 could reshape the landscape of real estate transactions in Oregon, emphasizing the importance of disclosure and buyer protection.