Oregon Statutes 94.876 – Requirements for closing escrow
(1) Subject to the requirements of ORS § 94.871 and 94.873, an escrow for the sale of a timeshare estate may close only if one of the following alternatives for protecting the purchaser is satisfied:
Terms Used In Oregon Statutes 94.876
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(a) The timeshare estate is conveyed to the purchaser free and clear of any blanket encumbrance;
(b) The timeshare property in which the timeshare estate is granted is conveyed to a trustee under a lien payment trust established under ORS § 94.890 and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;
(c) The timeshare estate is conveyed to the purchaser subject only to a blanket encumbrance in which every person holding an interest in the blanket encumbrance executes and records a nondisturbance agreement or the Real Estate Commissioner accepts a surety bond as an alternative arrangement under ORS § 94.900 in an amount that is sufficient to satisfy the blanket encumbrance; or
(d) All requirements of an alternative arrangement approved by the commissioner under ORS § 94.900 are satisfied.
(2) Subject to the requirements of ORS § 94.873, an escrow for the sale of a timeshare license may close only if one of the following alternatives for protecting the purchaser is satisfied:
(a) The timeshare property is conveyed to a trustee free and clear of any blanket encumbrance;
(b) The timeshare property is conveyed to a trustee under a lien payment trust established under ORS § 94.890 and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;
(c) Every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement and the commissioner accepts a recorded surety bond in an amount that is sufficient to satisfy the blanket encumbrance; or
(d) The requirements of an alternative arrangement approved by the commissioner under ORS § 94.900 are satisfied. [1983 c.530 § 30]