OAR 813-030-0044
Loan Closing

Before the loan closing takes place, the Department shall provide to the escrow officer written instructions for closing the loan. The Department shall not authorize disbursement of loan funds until all conditions of the commitment are satisfied and the Department has received and approved:

(1)

Cost certification;

(2)

Certificate or policy of insurance for fire and extended coverage, liability, business income and flood insurance (if applicable), with the appropriate loss deductible. All insurance coverage shall be in the amounts set forth in the Department’s Regulatory Agreement and Declaration of Restrictive Covenants;

(3)

Contingency Escrow Account;

(4)

Certificate of occupancy from the local government, or final inspection report, as required;

(5)

Notice of Completion;

(6)

Commercial leases (if applicable);

(7)

Ground leases (if applicable);

(8)

Any other relevant leases;

(9)

Tax abatement approval;

(10)

American Land Title Association (ALTA) mortgagee’s preliminary title insurance report from the title company of the Borrower’s choice;

(11)

Any licenses required by the state;

(12)

For Acquisition Loans:

(a)

Certification of completion of work on repairs from the general contractor and owner.

(13)

All other reasonable requirements of the Department.

Source: Rule 813-030-0044 — Loan Closing, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-030-0044.

Last Updated

Jun. 8, 2021

Rule 813-030-0044’s source at or​.us