(1) If a seller issues a sellers property disclosure statement and a buyer has not then delivered to the seller a written statement waiving the buyers right to revoke the buyers offer, the buyer shall have five business days after delivery of the sellers property disclosure statement to revoke the buyers offer by delivering to the seller a separate signed written statement of revocation disapproving the sellers disclosure. (2) If a buyer fails to timely deliver to a seller a written statement revoking the buyers offer, the buyers right to revoke the buyers offer expires. (3) If a buyer closes the transaction, the buyers right to revoke based on ORS 105.462 to 105.490, 696.301 and 696.870 is terminated. (4) If the seller fails or refuses to provide a sellers property disclosure statement as required under this section, the buyer shall have a right of revocation until the right is terminated pursuant to subsection (3) of this section. (5) If the buyer revokes the offer pursuant to this section, notwithstanding ORS 696.581, the buyer is entitled to immediate return of all deposits and other considerations delivered to any party or escrow agent with respect to the buyers offer, and the buyers offer is void. (6) When the deposits and other considerations have been returned to the buyer, upon the buyers signed, written release and indemnification of the holders of the deposits and other considerations, the holders are released from all liability for the deposits and other considerations. (7) Any sellers property disclosure statement issued by the seller is part of and incorporated into the offer and the acceptance.
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