100.655. ����� (5) If the commissioner does not comply with subsection (4) of this section within 45 days after the date the filing is designated as complete, the filing is deemed approved. ����� (6

100.655.

����� (5) If the commissioner does not comply with subsection (4) of this section within 45 days after the date the filing is designated as complete, the filing is deemed approved.

����� (6) Upon approving the filing under this section, the commissioner shall provide written notice of the approval to the person making the filing. [Formerly 94.357; 2019 c.69 �26]

UNIT SALES AGREEMENT

����� 100.680 Escrow of unit sales agreement. (1) Unless the developer of a condominium has complied with subsection (2) of this section, the developer and a purchaser may not enter into a unit sales agreement before the recording of the declaration or supplemental declaration and plat under ORS 100.115 or, if the condominium is located outside of this state, before the condominium has been created under the laws of the jurisdiction within which the condominium is located.

����� (2) Any purchaser�s funds, the unit sales agreement, any notes or security documents and any loan commitments must be placed in an escrow located within this state with a person or firm authorized under ORS 696.505 to 696.582. If any funds of the purchaser are invested, the funds must be invested in federally insured accounts or other investments approved by the Real Estate Commissioner. If the developer defaults under the unit sales agreement, the purchaser�s funds held in escrow and all income earned from investment of the funds held in escrow must be returned.

����� (3) In lieu of the requirements of subsection (2) of this section, the commissioner may approve any alternative requirement or method that the commissioner finds will ensure the same protection to the purchaser as the protection provided by the escrow. [Formerly 94.358; 2019 c.69 �27; 2025 c.578 �8]

����� 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.

INSPECTION OF CONDOMINIUM; DISCLOSURE STATEMENT

����� 100.700 Inspection of condominium; report in disclosure statement. The Real Estate Commissioner may make an on-site inspection of any condominium and require a report of the commissioner�s findings from such inspection to be included in the disclosure statement for use in the sale of the condominium. [Formerly 94.359]

����� 100.705 Sale prohibited prior to issuance of disclosure statement; exception; distribution; use of disclosure statement. (1) Except as provided in ORS 100.665, a developer, or an agent of the developer may not enter into a unit sales agreement prior to the issuance of the disclosure statement for the condominium.

����� (2) A copy of the disclosure statement for a condominium must be given to the prospective purchaser of a unit in the condominium by the developer or an agent of the developer, not later than the date the unit sales agreement is fully executed by all parties. The developer shall take a receipt from the prospective purchaser upon delivery of a copy of the disclosure statement, and such receipts must be kept on file within this state in the possession of the developer or the agent of the developer subject to inspection by the Real Estate Commissioner for a period of three years from the date the receipt is taken.

����� (3) The disclosure statement may not be used for advertising purposes unless it is used in its entirety. No portion of the disclosure statement may be underscored, highlighted, italicized or printed in larger or heavier type than the balance of the statement unless the true copy of the statement so emphasizes such portion.

����� (4) The commissioner may furnish at cost copies of the disclosure statement for the use of developers.

����� (5) Violations of this section are subject to the provisions of ORS 336.184 and 646.605 to