ORS 94.871
When purchase money agreement prohibited

  • escrow requirements

(1)

Unless a lien payment trust is established under ORS 94.890 (Lien payment trust), no timeshare estate shall be sold by a developer by means of a purchase money agreement as defined in ORS 94.890 (Lien payment trust) unless a collection escrow is established within this state with a person or firm authorized to receive escrows under the laws of this state and all of the following are deposited in the escrow:

(a)

A copy of the title report or abstract, as it relates to the timeshare estate being sold.

(b)

The original or an executed copy of the sales document relating to the purchase of the timeshare estate clearly setting forth the legal description of the interest being purchased, the principal amount of any blanket encumbrance outstanding on the date of the sales document and the terms of the sales document.

(c)

A commitment in a form satisfactory to the Real Estate Commissioner to give a partial release for the interest being sold from the terms and provisions of any blanket encumbrance on or before full payment of the purchase price by the purchaser.

(d)

A commitment in a form satisfactory to the commissioner to give a release of any other lien or encumbrance existing against the timeshare estate being sold.

(e)

A warranty or bargain and sale deed in good and sufficient form conveying to the purchaser merchantable and marketable title to the timeshare estate.

(2)

The developer shall submit written authorization allowing the commissioner to inspect any escrow deposit established under subsection (1) of this section.

(3)

In lieu of the procedures provided in subsection (1) of this section, the developer shall conform to an alternative requirement or method if the commissioner finds that the alternative requirement or method carries out the intent and provisions of this section. [1983 c.530 §25]

Source: Section 94.871 — When purchase money agreement prohibited; escrow requirements, https://www.­oregonlegislature.­gov/bills_laws/ors/ors094.­html.

94.504
Development agreements 94.508
Approval by governing body 94.513
Procedures on consideration and approval 94.518
Application of local government law and policies to agreement 94.522
Amendment or cancellation of agreement 94.528
Recording 94.531
Severable development interest in real property 94.534
Policy on transferable development credit systems 94.536
Definitions for ORS 94.536 and 94.538 94.538
Transferable development credit systems 94.550
Definitions for ORS 94.550 to 94.783 94.560
Legislative findings 94.565
Planned community to be created under ORS 94.550 to 94.783 94.570
Applicability of ORS 94.550 to 94.783 94.572
Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities 94.573
Class I or Class II planned community option to amend governing documents to conform to statute 94.574
Procedure for formation of homeowners association by Class I or Class II planned community 94.575
Applicability of subdivision law 94.576
Class I or Class II planned community option to be subject to provisions of ORS 94.550 to 94.783 94.577
Recording amended governing documents 94.580
Declaration 94.585
Authority to amend declaration and initial bylaws to comply with federal or state laws 94.590
Amendment of declaration by owners 94.595
Reserve account for maintaining, repairing and replacing common property 94.600
Declarant control of association 94.604
Transitional advisory committee 94.609
Notice of meeting to turn over administrative responsibility 94.616
Turnover meeting 94.621
Rights of declarant following turnover meeting 94.622
Obligations and liabilities arising from transfer of special declarant rights 94.623
Acquisition of special declarant rights by successor declarant 94.625
Formation of homeowners association 94.626
Corporate dissolution of association 94.630
Powers of association 94.635
Association bylaws 94.639
Criteria for board of directors membership 94.640
Association board of directors 94.641
Assent of director to board action 94.642
Receivership for failure of homeowners association to fill vacancies on board of directors 94.644
Meetings of board of directors 94.645
Adoption of annual budget 94.647
Use of written ballot for approving or rejecting matters subject to meeting of association members 94.650
Meetings of lot owners 94.652
Electronic notice to owner or director 94.655
Quorum for association meetings 94.657
Rules of order 94.658
Voting or granting consent 94.660
Method of voting or consenting 94.661
Electronic ballot 94.662
Notice to lot owners of intent of association to commence judicial or administrative proceeding 94.665
Authority of association to sell, transfer, convey or encumber common property 94.667
Recording association information with county clerk 94.670
Association duty to keep documents and records 94.671
Application of ORS 94.670 (5) 94.673
When compliance with specified provisions of ORS 94.640 and 94.670 required 94.675
Insurance for common property 94.676
Insurance deductible for certain planned communities 94.677
Election to have ORS 94.645, 94.655 and 94.675 apply 94.680
Blanket all-risk insurance 94.685
Specification of insurance for individual lots 94.690
Terms of insurance under ORS 94.680 94.695
Authority to delegate association powers to master association 94.700
Duration and termination of initial management agreements and service and employment contracts 94.704
Assessment and payment of common expenses 94.709
Liens against lots 94.712
Lot owner personally liable for assessment 94.716
Lien against two or more lots 94.719
Lien foreclosure 94.723
Common expenses 94.728
Taxation of lots and common property 94.733
Easements held by owner of lot and by declarant 94.760
Promotional material showing possible improvements 94.761
Legislative findings regarding electric vehicle charging stations 94.762
Electric vehicle charging stations 94.763
Association use of pesticides on lots 94.764
Changes or actions that require approval or consent of mortgagee 94.770
Application of rule against perpetuities 94.775
Judicial partition of lots 94.776
Development and division of lots 94.777
Compliance with bylaws and other restrictions required 94.778
Prohibition against installation of solar panels void and unenforceable 94.779
Unenforceability of certain irrigation requirements and restrictions on family child care 94.780
Remedies 94.783
When certain administrative provisions apply 94.785
Short title 94.803
Definitions for ORS 94.803 and 94.807 to 94.945 94.806
Legislative finding 94.807
Application 94.808
Managing entity as taxpayer 94.809
Valuation of timeshare property 94.811
When owners of planned community, condominium or subdivision may prohibit timeshare plan 94.813
Character of timeshare estates 94.816
Partition prohibited 94.818
Recording of timeshare instrument 94.821
Content of timeshare instrument 94.823
Notice of intent to sell timeshares 94.826
Information on exchange program 94.828
Public report on plan 94.829
Sale not allowed before issuance of public report 94.831
Filing fees 94.833
Sale of timeshare plan located out-of-state 94.836
Cancellation of purchase within five days 94.839
Notice of cancellation right 94.841
Waiver of rights void 94.843
Limits on developer right to transfer 94.846
Designation of managing entity 94.848
How managing entity of developer terminated 94.853
Payment of common expenses 94.856
Assessment of common expenses as lien 94.858
Owners’ association 94.863
Developer’s duty to managing entity 94.867
Judicial declaration of failure in management 94.869
Insurance coverage 94.871
When purchase money agreement prohibited 94.873
Escrow account 94.876
Requirements for closing escrow 94.878
Duties of escrow agent 94.881
Who may serve as escrow agent 94.885
Rights of lienholder 94.890
Lien payment trust 94.895
Trust irrevocable without alternative arrangement 94.900
Alternative to lien payment trust 94.905
Surety bond 94.915
Inspection of records 94.920
Consent to service by out-of-state developer 94.925
Civil penalty 94.930
Commissioner order 94.940
False practices prohibited 94.945
Advertising regulation 94.953
Definitions for ORS 94.953 to 94.989 94.956
Registration required to sell membership camping contract 94.959
Application for registration 94.962
Exemptions from registration 94.965
Effective date of registration 94.968
Denial, suspension and revocation of registration 94.971
Fee for registration or amendment of an offer or sale of membership camping contract 94.974
Written disclosures required 94.975
False practices prohibited 94.976
Advertising regulation 94.977
Registration as salesperson or broker 94.980
Application for registration 94.983
Cancellation of contract by purchaser 94.986
Requirements for sale of membership camping contract 94.987
Judicial declaration of failure in management 94.989
Interpretation of membership camping contracts
Green check means up to date. Up to date

Current through early 2024

§ 94.871’s source at oregon​.gov