(1) Before the unit sales agreement is fully executed by all parties, the developer shall deliver to the purchaser a copy of the declaration and bylaws of the condominium and any supplements and amendments thereto affecting the unit.

contract signature

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Terms Used In Oregon Statutes 100.725

  • association: means the association provided for under ORS § 100. See Oregon Statutes 100.005
  • Commissioner: means the Real Estate Commissioner. See Oregon Statutes 100.005
  • Contract: A legal written agreement that becomes binding when signed.
  • Declaration: means the instrument described in ORS § 100. See Oregon Statutes 100.005
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Purchaser: means an actual or prospective purchaser of a condominium unit pursuant to a sale. See Oregon Statutes 100.005

(2) When the unit sales agreement is fully executed by all parties, the developer shall deliver to the purchaser a copy of the fully executed agreement which contains the ‘Notice to Purchaser‘ required by ORS § 100.740.

(3) The developer shall deliver to the purchaser prior to the conveyance of the unit by deed, lease or contract any ground leases, leases with the association for recreation or parking facilities and escrow instructions applying to the transaction.

(4) The developer shall take a receipt from the purchaser upon the delivery of the documents referred to in subsection (1) of this section, and such receipts shall be kept on file within this state by the developer or the agent of the developer subject to inspection by the Real Estate Commissioner for a period of three years from the date the receipt is taken. [Formerly 94.406]

 

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