OAR 274-045-0120
Transfer of Ownership


(1)

The Director shall be notified in writing of any transfer of ownership or the right to possess property that is used as security for a loan with the Oregon Department of Veterans’ Affairs (ODVA).

(2)

The following are conditions that constitute a transfer of an ownership interest or the right to possess the loan security:

(a)

A borrower takes title to the property with a person other than his or her legal spouse;

(b)

Contract of sale;

(c)

Any deed transfer;

(d)

Any other indenture that purports to convey or transfer any portion of equitable title except for the following:

(A)

Deed to create a life estate retained by the eligible veteran mortgagor;

(B)

Deed to a government entity for public use as noted inORS 407.275 (Terms of loan to veteran and transferee)(2);

(C)

A purchase option that extends for a period of 12 months and 32 days or more;

(D)

A purchase option with a consideration of three percent or more of the stated purchase price.

(3)

If any or all of the above referenced conditions in subsection (2)(a) through (d) occur to the security of an ODVA loan, the entire balance of the loan will be immediately due and payable.
[Publications: Publications referenced are available from the agency.]

Source: Rule 274-045-0120 — Transfer of Ownership, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-045-0120.

274‑045‑0001
Definitions for OAR 274-045-0001 to 274-045-0481
274‑045‑0005
Purpose and Objectives
274‑045‑0010
Eligibility Requirements
274‑045‑0015
Authority to Protect the Security
274‑045‑0020
Who May Apply for Loan
274‑045‑0025
Evidence Required to Establish Eligibility
274‑045‑0030
Modification of Application
274‑045‑0035
Cancellation of Application
274‑045‑0040
Security for the Loan
274‑045‑0045
Legal Description of Property Offered as Security
274‑045‑0050
Appraisal of Property
274‑045‑0060
Terms of Loan
274‑045‑0070
Interest
274‑045‑0080
Approval of the Loan
274‑045‑0085
Loan Funding
274‑045‑0090
Grounds for Refusing to Make a Loan
274‑045‑0100
Evidence of Title
274‑045‑0110
Escrow Closing of Loans
274‑045‑0120
Transfer of Ownership
274‑045‑0125
Rental
274‑045‑0130
Modification of Mortgage
274‑045‑0140
Temporary Reduction of Payments
274‑045‑0145
Loan Cancellation Life Insurance
274‑045‑0150
Property Tax Amortization and Escrow Accounting
274‑045‑0160
Partial Release of Security
274‑045‑0170
Confidential Nature of Information Submitted by the Borrower
274‑045‑0180
Confidential Nature of Information Procured by the Director
274‑045‑0190
Disclosure of Information and Fees
274‑045‑0200
Director’s Decisions Control in All Controversies
274‑045‑0205
Review of Loan Determinations and Other Decisions
274‑045‑0220
Fees
274‑045‑0230
Approved Lenders
274‑045‑0240
Loan Requirements
274‑045‑0250
Reservation of Funds and Commitments
274‑045‑0260
Title Insurance
274‑045‑0270
Hazard Insurance
274‑045‑0280
Flood Insurance
274‑045‑0401
Purpose and Objectives
274‑045‑0411
Definitions
274‑045‑0421
Interest Rate
274‑045‑0431
Approval of Veterans’ Home Improvement Loans
274‑045‑0441
Terms and Requirements of Veterans’ Home Improvement Loans
274‑045‑0451
Appraisal of Property
274‑045‑0461
Transfer of Ownership
274‑045‑0471
Taxes, Hazard Insurance and Flood Insurance
274‑045‑0481
Title Insurance
Last Updated

Jun. 8, 2021

Rule 274-045-0120’s source at or​.us