Environmental
A buyer discovers that a property they are purchasing is on Oregon DEQ's Environmental Cleanup Program list as a known contaminated site. The broker's duty is to:
AKeep the information confidential at the seller's request
BDisclose this material fact to the buyer regardless of the seller's wishes✓ Correct
CAdvise the buyer to consult an attorney but not comment on the situation
DProvide the information only if the buyer specifically asks about contamination
Explanation
A property's inclusion on an environmental cleanup list is a material fact that must be disclosed to the buyer. This information could significantly affect the property's value and the buyer's decision to purchase.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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