(1) A purchaser of a vendor’s interest or a holder of an encumbrance secured by a vendor’s interest in a land sale contract for which an escrow has been established pursuant to ORS 92.425 shall deposit in the escrow any instruments necessary to assure that the contract vendee can obtain the legal title bargained for upon compliance with the terms and conditions of the contract.
(2) A subdivider, series partitioner or developer who has sold lots, parcels or interests in a subdivision or series partition under a land sale contract shall not dispose of or subsequently encumber the vendor’s interest therein unless the terms of the instrument of disposition or the encumbrance provide the means by which the purchaser or holder of the encumbrance will comply with subsection (1) of this section. [1977 c.809 §13; 1983 c.570 §22]
Section: Previous 92.395 92.405 92.410 92.415 92.425 92.427 92.430 92.433 92.435 92.445 92.455 92.460 92.465 92.475 92.485 NextLast modified: August 7, 2008