(2) Upon closing and delivery of the instrument of conveyance in a real estate transaction involving the transfer of a water right, the seller shall also deliver to the purchaser evidence of any permit, transfer approval order or certificate of water rights if the permit, transfer approval order or certificate is available.
(3) The failure of a seller to comply with the provisions of this section does not invalidate an instrument of conveyance executed in the transaction.
(4) This section does not apply to any transaction for the conveyance of real estate that includes a water right when the permit, transfer approval order or certificate evidencing the water right is held in the name of a district or corporation formed pursuant to ORS chapter 545, 547, 552, 553 or 554.
(5) As used in this section:
(a) "Certificate" means a certificate or registration issued under ORS 537.250 (1), 537.585, 539.140 or 539.240.
(b) "Permit" means a permit issued under ORS 537.211, 537.240 or 537.625.
(c) "Transfer approval order" means an order of the Water Resources Commission issued under ORS 540.530. [1979 c.535 §4; 1981 c.448 §1; 1991 c.411 §1; 1995 c.274 §12; 2005 c.14 §1]