{"data":{"id":"us-or/ors-94.876","jurisdiction":"us-or","citation":"ORS 94.876","heading":"Requirements for closing escrow.","body":"(1) Subject to the requirements of ORS 94.871 and 94.873, an escrow for the sale of a timeshare estate may close only if one of the following alternatives for protecting the purchaser is satisfied:\n      (a) The timeshare estate is conveyed to the purchaser free and clear of any blanket encumbrance;\n      (b) The timeshare property in which the timeshare estate is granted is conveyed to a trustee under a lien payment trust established under ORS 94.890 and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;\n      (c) The timeshare estate is conveyed to the purchaser subject only to a blanket encumbrance in which every person holding an interest in the blanket encumbrance executes and records a nondisturbance agreement or the Real Estate Commissioner accepts a surety bond as an alternative arrangement under ORS 94.900 in an amount that is sufficient to satisfy the blanket encumbrance; or\n      (d) All requirements of an alternative arrangement approved by the commissioner under ORS 94.900 are satisfied.\n      (2) Subject to the requirements of ORS 94.873, an escrow for the sale of a timeshare license may close only if one of the following alternatives for protecting the purchaser is satisfied:\n      (a) The timeshare property is conveyed to a trustee free and clear of any blanket encumbrance;\n      (b) The timeshare property is conveyed to a trustee under a lien payment trust established under ORS 94.890 and every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement;\n      (c) Every person holding an interest in a blanket encumbrance against the timeshare property executes and records a nondisturbance agreement and the commissioner accepts a recorded surety bond in an amount that is sufficient to satisfy the blanket encumbrance; or\n      (d) The requirements of an alternative arrangement approved by the commissioner under ORS 94.900 are satisfied.","path":["03 - Landlord-Tenant, Domestic Relations, Probate","10. Property Rights and Transactions","Chapter 94 — Real Property Development"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors094.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:11Z","sha256":"30ef79e667e9553cd8f987ef24d189af47b022b7a9de093614e36e7128d6d79c","source_id":"us-or","stale":false,"prev":"us-or/ors-94.873","next":"us-or/ors-94.878"},"notice":"GroundRules: Original legal text. Not legal advice."}