Oregon Statutes 100.720 – Conditions prerequisite to sale
(1) No condominium unit shall be sold by a developer by means of a land sale contract unless a collection escrow is established within this state with a person or firm authorized to receive escrows under the laws of this state and all of the following are deposited in the escrow:
Terms Used In Oregon Statutes 100.720
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- 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
(a) A copy of the title report or abstract, as it relates to the property being sold.
(b) The original sales document or a true copy thereof relating to the purchase of the condominium unit.
(c) A commitment to give a partial release for the condominium unit being sold from the terms and provisions of any blanket encumbrance. The commitment shall be in a form satisfactory to the Real Estate Commissioner.
(d) A document in good and sufficient form transferring the interest purchased.
(2) The developer shall submit written authorization allowing the commissioner to inspect all escrow deposits established pursuant to subsection (1) of this section.
(3) In lieu of the procedures provided in subsection (1) of this section, the developer shall conform to such alternative requirement or method which the commissioner may deem acceptable to carry into effect the intent and provisions of this section. [Formerly 94.400]