Oregon Statutes 100.685 – Contents of unit sales agreement
A unit sales agreement must contain:
Terms Used In Oregon Statutes 100.685
- Declaration: means the instrument described in ORS § 100. See Oregon Statutes 100.005
- Developer: means a declarant or any person that acquires an interest in a condominium from declarant, successor declarant or subsequent developer for the primary purpose of resale. See Oregon Statutes 100.005
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Purchaser: means an actual or prospective purchaser of a condominium unit pursuant to a sale. See Oregon Statutes 100.005
- Sale: means any disposition or transfer of a condominium unit, or an interest or estate therein, by a developer, including the offering of the property as a prize or gift when a monetary charge or consideration for whatever purpose is required by the developer. See Oregon Statutes 100.005
- Unit designation: means the number, letter or combination thereof designating a unit in the declaration and on the plat. See Oregon Statutes 100.005
(1) The unit designation;
(2) The full amount of the purchase price, including the amount and form of earnest money paid by the purchaser;
(3) If required under ORS § 100.680, the name and address of the escrow agent to hold the purchaser’s funds and a reference to the escrow instructions controlling the escrow;
(4) If the purchaser’s funds are to be invested, the name of the financial institution where the funds will be deposited and to whom any interest earnings will accrue under all possible circumstances;
(5) The date of closing with any conditions and requirements of closing;
(6) The closing procedure;
(7) Any authority of the developer to terminate the sale and, in the case of termination, any forfeiture provisions;
(8) If the developer specifies any contingency, the date other than closing when all purchaser’s funds and interest earnings will be returned to the purchaser if the contingency is not met;
(9) A provision that the purchaser will recover any funds paid to the developer and any interest earnings upon default by the developer;
(10) Any rights reserved by the developer to modify the declaration, any supplemental declaration, bylaws, plat or other documents by which the purchaser is or will be bound;
(11) Notice to the purchaser of cancellation rights under ORS § 100.730 and 100.740;
(12) For the sale of newly constructed units, any express warranty required under ORS § 100.185; and
(13) Any other provisions deemed necessary by the developer and purchaser. [2019 c.69 § 29]
100.685 was added to and made a part of ORS Chapter 100 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
INSPECTION OF CONDOMINIUM; DISCLOSURE STATEMENT