2019 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 100 - Condominiums
Section 100.685 - Contents of unit sales agreement.
A unit sales agreement must contain:
(1) The unit designation;
(2) The full amount of the purchase price, including the amount and form of earnest money paid by the purchaser;
(3) If required under ORS 100.680, the name and address of the escrow agent to hold the purchaser’s funds and a reference to the escrow instructions controlling the escrow;
(4) If the purchaser’s funds are to be invested, the name of the financial institution where the funds will be deposited and to whom any interest earnings will accrue under all possible circumstances;
(5) The date of closing with any conditions and requirements of closing;
(6) The closing procedure;
(7) Any authority of the developer to terminate the sale and, in the case of termination, any forfeiture provisions;
(8) If the developer specifies any contingency, the date other than closing when all purchaser’s funds and interest earnings will be returned to the purchaser if the contingency is not met;
(9) A provision that the purchaser will recover any funds paid to the developer and any interest earnings upon default by the developer;
(10) Any rights reserved by the developer to modify the declaration, any supplemental declaration, bylaws, plat or other documents by which the purchaser is or will be bound;
(11) Notice to the purchaser of cancellation rights under ORS 100.730 and 100.740;
(12) For the sale of newly constructed units, any express warranty required under ORS 100.185; and
(13) Any other provisions deemed necessary by the developer and purchaser. [2019 c.69 §29]
Note: 100.685 was added to and made a part of ORS chapter 100 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
