Property Management
Oregon's 2019 statewide rent control law (SB 608) does NOT apply to:
AAll rental housing built before 2004
BNew construction for the first 15 years after the certificate of occupancy is issued✓ Correct
CAll single-family homes
DAll apartments over 1,000 square feet
Explanation
Oregon's rent stabilization law (SB 608) exempts new construction for the first 15 years after the certificate of occupancy is issued. This exemption is designed to encourage continued construction of new rental housing by allowing market-rate rents on new units.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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