Oregon Statutes 100.785 – Blanket encumbrance prohibited
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(1) Subject to the provisions of ORS § 100.720, a condominium unit may not be conveyed by a developer subject to a blanket encumbrance.
Terms Used In Oregon Statutes 100.785
- Blanket encumbrance: means a trust deed or mortgage or any other lien or encumbrance, mechanic's lien or otherwise, securing or evidencing the payment of money and affecting more than one unit in a condominium, or an agreement affecting more than one such unit by which the developer holds such condominium under an option, contract to sell or trust agreement. See Oregon Statutes 100.005
- Commissioner: means the Real Estate Commissioner. See Oregon Statutes 100.005
- condominium unit: means a part of the property which:
(a) Is 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
- Purchaser: means an actual or prospective purchaser of a condominium unit pursuant to a sale. See Oregon Statutes 100.005
(2) Notwithstanding subsection (1) of this section, the developer shall conform to an alternative requirement or method which the Real Estate Commissioner may deem acceptable to afford a purchaser the protection provided by the prohibition in subsection (1) of this section. [Formerly 94.465; 2001 c.756 § 56]
ENFORCEMENT