OAR 141-067-0250
Type of Deed; Payments for Land Purchases; Contracts; Default Issuance of Deed; Certificates of Sale; Assignments; Recording
(1)
The Department will offer the type of deed (for example: quitclaim deed or bargain and sale deed) it deems to be the most legally defensible and best represents the known rights and interests held by the State Land Board in the land or interest in land being conveyed in the transaction.(2)
The Department may impose additional requirements or conditions on the issuance of the deed, including but not limited to indemnification of and waiver of claims against the Department and State of Oregon.(3)
When the land sale or land exchange process has been completed, including the payment of the purchase price or fulfillment of the terms of the land sale or land exchange agreement, the Director will execute and deliver to the purchaser a deed in a manner and form prescribed by these rules. The Department may choose to conduct closing through an escrow agent.(4)
When a purchaser of land (other than rangeland) desires to make payments in installments the Department or its agent shall, upon receipt of one-fifth or 20 percent of the purchase price of the land, deliver to the purchaser a certificate that the purchaser has contracted to purchase the land. Upon performance under the contract or payment of three-fifths or 60 percent of the purchase price and the receipt and documentation of a note or loan, and upon surrender of the certificate of sale, the purchaser, or their heirs or assigns of the purchaser, shall be issued a deed for the property by the Department or its agent.(5)
A purchaser of rangeland deemed eligible under OAR 141-067-0230 (Sale Procedures for Rangelands/Common School Grazing Lands) must pay at least 10% of the purchase price at the time of purchase, and may then enter into a 10-year land sale contract with the Department to pay the remainder in 10 equal annual installments with the interest rate fixed by the Department in accord with ORS 327.425 (Loans and investment of funds).(6)
All assignments of certificates of sale shall be executed and acknowledged in the same manner as a deed to land or real property. All requests for assignment of certificates shall be in writing. Written consent of the Department is required for any assignment. The Department shall issue the deed to the assignee upon full payment of the purchase price or the remaining balance of the land sale contract, and receipt of the certificate of sale.(7)
The Department will record, in the appropriate county office, any and all deeds it receives as a result of a land exchange or purchase.
Source:
Rule 141-067-0250 — Type of Deed; Payments for Land Purchases; Contracts; Default Issuance of Deed; Certificates of Sale; Assignments; Recording, https://secure.sos.state.or.us/oard/view.action?ruleNumber=141-067-0250.