(1) A purchaser of a vendor’s interest or a holder of an encumbrance secured by a vendor’s interest in a land sale contract for which an escrow has been established pursuant to ORS § 92.425 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 92.433

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.

(2) A subdivider, series partitioner or developer who has sold lots, parcels or interests in a subdivision or series partition under a land sale contract 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. [1977 c.809 § 13; 1983 c.570 § 22]

 

[1974 c.1 § 13; repealed by 1977 c.484 § 32]

 

[1974 c.1 § 16; repealed by 1975 c.643 § 18]

 

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