(1) A purchaser of a vendor’s interest or a holder of an encumbrance secured by a vendor’s interest in an installment contract of sale for which an escrow has been established pursuant to ORS § 100.720 shall deposit in the escrow any instruments necessary to assure that the contract vendee can obtain the legal title bargained for upon compliance with the terms and conditions of the contract.

contract signature

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Terms Used In Oregon Statutes 100.745

  • 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.
  • 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

(2) A developer who has sold interests in a condominium under an installment contract of sale shall not dispose of or subsequently encumber the vendor’s interest therein unless the terms of the instrument of disposition or the encumbrance provide the means by which the purchaser or holder of the encumbrance will comply with subsection (1) of this section. [Formerly 94.431]

 

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