Property Ownership
In Oregon, what happens to personal property that becomes permanently attached to real property?
AIt remains personal property and can be removed by the seller
BIt becomes a fixture and is generally conveyed with the real property✓ Correct
CIt must be disclosed separately in the seller disclosure form
DIt becomes the property of the mortgage lender
Explanation
When personal property is permanently attached to real property, it becomes a fixture and is generally considered part of the real property. Oregon courts use tests including method of attachment, adaptation, and intent to determine fixture status.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
State-Specific Concepts
Disclosure Requirements
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