646.656, in addition to other sanctions provided by law. [Formerly 94.384; 2019 c.69 �30] ����� 100.710 Inspection deposit. When an on-site inspection under ORS 100.700 is to be made of a condomin

646.656, in addition to other sanctions provided by law. [Formerly 94.384; 2019 c.69 �30]

����� 100.710 Inspection deposit. When an on-site inspection under ORS 100.700 is to be made of a condominium situated in the State of Oregon, or situated outside the state which will be offered for sale within this state, the Real Estate Commissioner, in addition to the fee provided in ORS 100.670, may require the developer to advance a deposit. Such deposits shall not exceed $200 per day for making the on-site inspection. Any unexpended portion of the deposit shall be refunded to the developer. [Formerly 94.391]

REQUIREMENTS FOR SALE

����� 100.720 Conditions prerequisite to sale. (1) No condominium unit shall be sold by a developer by means of a land sale contract unless a collection escrow is established within this state with a person or firm authorized to receive escrows under the laws of this state and all of the following are deposited in the escrow:

����� (a) A copy of the title report or abstract, as it relates to the property being sold.

����� (b) The original sales document or a true copy thereof relating to the purchase of the condominium unit.

����� (c) A commitment to give a partial release for the condominium unit being sold from the terms and provisions of any blanket encumbrance. The commitment shall be in a form satisfactory to the Real Estate Commissioner.

����� (d) A document in good and sufficient form transferring the interest purchased.

����� (2) The developer shall submit written authorization allowing the commissioner to inspect all escrow deposits established pursuant to subsection (1) of this section.

����� (3) In lieu of the procedures provided in subsection (1) of this section, the developer shall conform to such alternative requirement or method which the commissioner may deem acceptable to carry into effect the intent and provisions of this section. [Formerly 94.400]

����� 100.725 Documents prerequisite to execution of sale agreement and conveyance of unit. (1) Before the unit sales agreement is fully executed by all parties, the developer shall deliver to the purchaser a copy of the declaration and bylaws of the condominium and any supplements and amendments thereto affecting the unit.

����� (2) When the unit sales agreement is fully executed by all parties, the developer shall deliver to the purchaser a copy of the fully executed agreement which contains the �Notice to Purchaser� required by ORS 100.740.

����� (3) The developer shall deliver to the purchaser prior to the conveyance of the unit by deed, lease or contract any ground leases, leases with the association for recreation or parking facilities and escrow instructions applying to the transaction.

����� (4) The developer shall take a receipt from the purchaser upon the delivery of the documents referred to in subsection (1) of this section, and such receipts shall be kept on file within this state by 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. [Formerly 94.406]

����� 100.730 Cancellation of sale of unit; notice to seller; return of payments and reconveyance; extinguishment of encumbrances; waiver prohibited; disclaimer of notice; applicability. (1) A purchaser of a condominium unit may cancel for any reason the sale of a condominium unit from a developer or any contract, agreement or evidence of indebtedness associated with the sale of the condominium unit, within five business days (excluding Saturdays and holidays) after the date on which the latest of the following events occurs:

����� (a) The signing by the purchaser of the unit sales agreement;

����� (b) The signing by the purchaser of the receipt required under ORS 100.705 (2) upon the delivery of the disclosure statement, if any; or

����� (c) The signing by the purchaser of the receipt required under ORS 100.725 (4) upon delivery of a copy of the documents specified in ORS 100.725 (1).

����� (2) Cancellation, under subsection (1) of this section, occurs when the purchaser of an interest gives written notice to the developer at the developer�s address stated in the notice to purchaser required under ORS 100.740 (1).

����� (3) A notice of cancellation given by a purchaser of a condominium unit need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the purchaser not to be bound by the contract or evidence of indebtedness.

����� (4) Notice of cancellation, if given by mail, shall be given by certified mail, return receipt requested, and is effective on the date that such notice is deposited with the United States Postal Service, properly addressed and postage prepaid.

����� (5) Upon receipt of a timely notice of cancellation, the developer shall immediately return to the purchaser all payments received from the purchaser. In case of payments made by check, the developer shall not be required to return the payment to a purchaser until the check is finally paid as provided in ORS 74.2130. Upon return of all such payments the purchaser shall immediately transfer rights in the interest to the developer, not subject to any encumbrance created or suffered by the purchaser. In the case of cancellation by a purchaser of any evidence of indebtedness, the purchaser shall return the purchaser�s copy of the executed evidence of indebtedness to the developer, and the developer shall cancel the evidence of indebtedness. Any encumbrances against the purchaser�s interest in the unit arising by operation of law from an obligation of the purchaser existing prior to transfer of the interest to the purchaser shall be extinguished by the reconveyance.

����� (6) Except as otherwise provided in ORS 100.735, no act of a purchaser shall be effective to waive the right of cancellation granted by subsection (1) of this section. A developer may require that a purchaser of a condominium unit execute and deliver to the developer, after the expiration of the cancellation period, a signed statement disclaiming any notice of cancellation that may have been made by the purchaser prior to expiration of the cancellation period granted under subsection (1) of this section and that may have been timely and properly done under this section whether or not the statement has been received by the developer. In case of execution of any such statement by the purchaser, the statement shall be sufficient to rescind the notice of cancellation.

����� (7) A purchaser�s right to cancel under subsection (1) of this section terminates at the time of the closing of the unit purchase transaction.

����� (8) This section shall not apply to:

����� (a) The sale of a unit in a condominium used or intended to be used solely for commercial or industrial purposes;

����� (b) The sale of a condominium unit conducted by public auction; or

����� (c) A sale described in ORS 100.665. [Formerly 94.412]

����� 100.735 Waiver of right to cancel. (1) A purchaser may waive the right to cancellation granted under ORS 100.730 (1) after the unit sales agreement is fully executed by all parties. The waiver shall be in writing and dated and shall include a notice that by signing such statement the purchaser waives only the right of cancellation granted under ORS