OAR 812-012-0145
Surety Bond Issued to Protect Purchasers of Residential Property from Lien Claims
(1)
The bond must be issued by an insurer authorized or approved to do business in this state.(2)
The bond must be issued on or after the date of completion of the residential property. For purposes of this rule, the “date of completion” shall be determined in accordance with ORS 87.045 (Completion date of improvement).(3)
The bond must be issued in an amount of not less than 25 percent of the sales price of the residential property.(4)
The bond shall remain in effect:(a)
Not less than 75 days after the date of completion if no lien is perfected under ORS 87.035 (Perfecting lien) against the residential property; or(b)
If one or more liens are perfected against the residential property within 75 days from the date of completion, until:(A)
All liens are released and the releases recorded;(B)
The seller files a bond or makes a deposit and the seller files the required affidavit under ORS 87.076 (Bond or deposit of money) to 87.081 (Filing affidavit with county officer);(C)
The surety files a bond or makes a deposit and the seller files the required affidavit under ORS 87.076 (Bond or deposit of money) to 87.081 (Filing affidavit with county officer); or(D)
The surety pays the buyer the amount of the lien or the penal sum of the bond, whichever is less.(5)
The bond shall include the following terms and conditions:
Source:
Rule 812-012-0145 — Surety Bond Issued to Protect Purchasers of Residential Property from Lien Claims, https://secure.sos.state.or.us/oard/view.action?ruleNumber=812-012-0145
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