Oregon Statutes - Chapter 93 - Conveyancing and Recording - Section 93.905 - Definitions for ORS 93.905 to 93.940.

As used in ORS 93.905 to 93.940, unless the context requires otherwise:

(1) “Contract for transfer or conveyance of an interest in real property” shall not include earnest money or preliminary sales agreements, options or rights of first refusal.

(2) “Forfeiture remedy” means the nonjudicial remedy whereby the seller cancels the contract for default, declares the purchaser’s rights under the contract to be forfeited, extinguishes the debt and retains sums previously paid thereunder by the buyer.

(3) “Purchase price” means the total price for the interest in the real property as stated in the contract, including but not limited to down payment, other property or value given or promised for which a dollar value is stated in the contract and the balance of the purchase price payable in installments, not including interest. If the contract provides for the conveyance of an interest in more than one parcel of property, the purchase price shall include only the portion of the price attributable to the remaining, unconveyed interest in real property, if the value thereof is separately stated or can be determined from the terms of the contract.

(4) “Purchaser” means any person who by voluntary transfer acquires a contractual interest in real property, any successor in interest to all or any part of the purchaser’s contract rights of whom the seller has actual or constructive notice, and any person having a subordinate lien or encumbrance of record, including, but not limited to, a mortgagee, a beneficiary under a trust deed and a purchaser under a subordinate contract for transfer or conveyance of an interest in real property.

(5) “Seller” means any person who transfers or conveys an interest in real property, or any successor in interest of the seller.

(6) “Unpaid balance” means the sum of the unpaid principal balance, accrued unpaid interest and any sums actually paid by the seller on behalf of the purchaser for items required to be paid by the purchaser, including amounts paid for delinquent taxes, assessments or liens, or to obtain or reinstate required insurance. [1985 c.718 §1]

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Last modified: August 7, 2008