Warning of Default on Residential Lease Oregon Form
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People also ask
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What does the default of a lease mean?
Default tenancy typically refers to a situation where the tenant is not meeting the requirements of the lease, with unpaid rent being the most common issue. The landlord's risk in these situations includes the potential loss of income, the cost of legal action, and the challenge of finding a new tenant.
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Does defaulting on a lease hurt your credit?
Breaking a lease, for whatever reason, will not automatically result in a derogatory mark on your credit history. Potential credit problems arise when any incurred debt isn't repaid to the landlord, prompting the landlord to turn the account over to a collections agency.
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How much notice do you have to give a tenant to move out in Oregon?
In most jurisdictions this is a 60-day notice; in others, including Portland and Milwaukie, a 90-day notice is required. Additionally, a landlord can issue a “no cause” termination notice after the first year of occupancy if: 1.
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What happens if you default on car lease?
But if you have trouble paying, your leased car might get repossessed. As with repossession after a car loan default, car lease repossession is expensive and financially damaging. But you can take action to prevent it from being repossessed — or at least ease some of the consequences.
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What is the 90.453 law in Oregon?
ORS 90.453 – Termination by tenant who is victim of domestic violence, sexual assault or stalking.
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What does it mean to be in default of an agreement?
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision.
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What is the 90.320 law in Oregon?
Oregon law says your landlord must keep your rental unit and all common areas safe and in good repair when you move in and while you live there. (See Oregon law ORS 90.320.) That means the landlord must have your rental unit clean and in good working order when you move in.
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What does it mean to default on a lease?
A “default” is a failure to comply with a provision in the lease. “Curing” or “remedying” the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
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