Oregon Statutes 646A.725 – Definitions for ORS 646A.725 to 646A.750
As used in ORS § 646A.725 to 646A.750:
Terms Used In Oregon Statutes 646A.725
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Bona fide purchaser’ means a person that purchases a residential real property from an equity purchaser:
(a) For valuable consideration;
(b) In good faith;
(c) Without knowledge of any continuing right to, or equity in, the property by the equity seller; and
(d) Without knowledge of any violation of ORS § 646A.725 to 646A.750 by the equity purchaser regarding the property.
(2) ‘Business day’ does not mean a Saturday or a legal holiday described in ORS § 187.010 or 187.020.
(3) ‘Equity conveyance’:
(a) Means a transaction that involves:
(A) The transfer of an interest in a residence in foreclosure by an equity seller to an equity purchaser, or to another person acting in association with the equity purchaser, that allows the equity purchaser or other person to obtain legal or equitable title to all or part of the residential real property; and
(B) A subsequent conveyance, or agreement for a subsequent conveyance, of an interest in the residential real property from the equity purchaser or person acting in association with the equity purchaser to the equity seller to allow the equity seller to possess the property during, or after termination of, the foreclosure process.
(b) Does not mean a transfer of interest by means of a nonjudicial foreclosure sale or by means of a sheriff’s sale or other judicial foreclosure action.
(4) ‘Equity conveyance contract‘ means a written contract between an equity seller and an equity purchaser that contains an agreement for an equity conveyance.
(5) ‘Equity purchaser,’ except as provided in ORS § 646A.730, means a person that enters into an equity conveyance that transfers to the person, or to another acting in association with the person, an interest in residential real property sufficient to allow obtaining legal or equitable title to all or part of the property.
(6) ‘Equity recapture payment’ means the resale price for a property, less the following:
(a) Amounts owing as of the closing of the resale for liens or other encumbrances created or suffered by the equity seller.
(b) Amounts paid after the transfer of interest in the property by the equity seller and before the closing of the resale on liens or other encumbrances created or suffered by the equity seller.
(c) Cash received by the equity seller from the equity purchaser under the equity conveyance contract.
(d) Title, escrow and other customary closing costs incurred by the equity purchaser under the equity conveyance contract or because of the resale.
(e) Real estate commissions and charges incurred by the equity purchaser under the equity conveyance contract or because of the resale.
(f) Charges for prorated taxes and homeowner association dues, attributable to a period of time prior to the transfer of interest in the property by the equity seller.
(g) Attorney fees incurred by the equity purchaser under the equity conveyance contract or because of the resale.
(h) Reimbursement of actual repair and maintenance expenses.
(i) Reimbursement for the construction of improvements to the property.
(7) ‘Equity seller’ means a natural person who is the record owner of a residence in foreclosure at the time an interest in the residence is transferred under an equity conveyance to an equity purchaser or to a person acting in association with an equity purchaser.
(8) ‘Primary housing expenses’ means the total amount required to pay regular principal, interest, rent, utilities, hazard insurance, real estate taxes and association dues on a residential real property.
(9) ‘Resale’ means a sale by an equity purchaser to a bona fide purchaser of residential real property that is the subject of an equity conveyance contract.
(10) ‘Resale price’ means the gross sale price of a residential real property upon resale.
(11) ‘Residence in foreclosure’ means residential real property:
(a) Consisting of one to four single-family dwelling units;
(b) On which the owner occupies a dwelling unit; and
(c) Against which a notice of default has been recorded.
(12) ‘Settlement agent’ means a provider of settlement services who:
(a) Is a licensed escrow agent, title insurance agent or attorney; and
(b) Is not the equity purchaser or an employee or associate of the equity purchaser.
(13) ‘Settlement conference’ means an in-person meeting between an equity seller and a settlement agent:
(a) For the purpose of completing documents incident to the transfer of an interest as part of an equity conveyance; and
(b) During which the settlement agent provides the equity seller with the HUD-1 settlement statement used by the United States Department of Housing and Urban Development. [2008 c.19 § 9]