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Essential Things To Know About Selling Land In Oregon

If you are interested in selling land in Oregon, the process is relatively similar to other states.

You’ll need to know some specific factors if you’re selling without a real estate agent.

One of these is “the statute of frauds,” which applies to selling any property in Oregon. It is a legal term that means all parties must sign specific contracts in writing.

The most obvious contract is the Residential Real Estate Sale Agreement, as it is officially called in Oregon. Other names such as Purchase and Sale Agreement, are used interchangeably. All amendments must also be fully executed.

Here are the five ‘things’ you will need to sell land in Oregon:

1. Residential Real Estate Sale Agreement
2. A Title Company
3. A Clear Title
4. A Deed
5. Property Disclosure Statement

1. Residential Real Estate Sale Agreement

These are the key components of this agreement:

• The purchase price
• The address or the geographical location of the land to be transferred.
• The escrow money to be held and the name of the person who will serve as a custodian until the property closes. Also, if the sale does not close, who gets to keep this money?
• If a pre-buy inspection or survey needs to be completed, what date must you do it by?
• When and where will the closing and title transfer take place?
• How will the closing costs be split between the buyer and seller?

Having a new land survey is also important as it establishes the physical boundaries of the property. If you have older land surveys, it is helpful to include these too and it helps buyers see what changes have been made to the land, if any, and what is permitted.

2. A Title Company

You don’t need an attorney to sell your land in Oregon.

In Oregon, most real estate transactions are handled by title companies.

Once the Residential Real Estate Sale Agreement has been fully executed, the title company can get on with its all-important job of checking the property’s title. This ensures that there are no prior liens against it, such as past mortgages or any other ownership claims.

Although there is no legal requirement to have a title search conducted if you are financing the land purchase, the lender will insist upon it. This is a process of making sure the land is “unencumbered.” If there are no encumbrances, the sale can proceed. If there are, these will have to be satisfied first.

In Oregon, most real estate transactions are handled by a title company, not an attorney.

3. A Clear title

A clear title means the property is free and clear of any encumbrances.

4. A Deed

A deed should not be confused with the title. A deed is a physical, legal document that transfers the ownership (title) of a property from one owner to another. The deed is signed by the seller, who transfers the title to the buyer (grantee).

Deeds are usually recorded in a courthouse or assessor’s office. A deed is a physical document that can be held in your hand. A title is not a document but a concept of ownership. Since 1973 Oregon has recognized four different types of deeds. These are:

• Warranty Deeds
• Special Warranty Deeds
• Bargain and Sale Deeds
• Quitclaim Deeds

The warranty deed is the most common type of deed used in arms-length real estate transactions. It simply conveys a grantor’s interest in the described property. Also, it warrants that the property is free of encumbrances except those specifically described in the deed.

5. A Property Disclosure Statement

All Oregon sellers must complete a Property Disclosure Statement upon receipt of a written offer from a buyer.

This statement must be presented to the buyer in the form and using the language set forth by the Oregon legislature.

In the case of a land sale, the information the seller must disclose will be quite brief, as there is no physical property on the land. It will mainly address past and present environmental issues. If the seller is unaware of the questions being asked, they can state that with no penalty.

The Bottom Line

Oregon house prices have skyrocketed in recent years, particularly the closer you get to major cities. Around Portland’s metropolitan area, median home price sales hover around $650,000 for a 3-4 bedroom house. That means even as interest rates for homes mortgages rise, the competition for prime land is intense here. Employment is strong with tech and other future-proof or newer-type businesses sprouting in Oregon.

Elsewhere in the state, there is a lot of rural farmland and gorgeous scenic coastal land. In fact, according to landwatch.com, the average price of rural properties, ranches, hunting land, and other rural acreage for sale in Oregon is $759,958. Oregon ranks sixth in the nation for the combined acres currently for sale. Landwatch data shows that there are $8 billion of land parcels for sale in Oregon, with much of that producing farming staples such as hay, wheat, and potatoes.

Land for sale in Oregon is very diverse. While parcels around Portland, Bend, and Eugene are often used for new housing, much of the state is rural and noted for its wildlife, with coastal areas particularly scenic. As Oregon expands out from its urban areas, land sales occur with conservation in mind in the form of land trusts. These often aim to open a nature park, build trails or restore habitat.

Tech has been a big driver to the state with major companies such as Intel, Tektronix, IBM deeply invested in the state. In 2012 Intel employed 17,000 people at its Ronler Acres campus. Additionally, Beaverton, OR is also home to the world headquarters of Nike, Inc. The demand from employees to build homes and vacation homes in the state made Oregon the 6th top state to buy land in the USA, according to vacantland-usa.com.

Oregon has 363 miles of coastline, all free and open to the public. Naturally, land near popular beach towns such as Brookings, Harbor, Port Orford, Brandon, and Gold Beach is costly. If utilities and internet service are readily available, expect to pay more. That means competition will be tough, and buyers and sellers will need all their documents ready if they want to snag a prime land deal before the competition.

If you want to sell your land in Oregon quickly, fill out our form. We’ll send your information to 12 individual Oregon land buyers.

 

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