Escrow documents required of successor to vendor’s interest
(1) A purchaser of a vendor’s interest or a holder of an encumbrance secured by a vendor’s interest in an installment contract of sale for which an escrow has been established pursuant to ORS 100.720 (Conditions prerequisite to sale) shall deposit in the escrow any instruments necessary to assure that the contract vendee can obtain the legal title bargained for upon compliance with the terms and conditions of the contract.
(2) A developer who has sold interests in a condominium under an installment contract of sale shall not dispose of or subsequently encumber the vendor’s interest therein unless the terms of the instrument of disposition or the encumbrance provide the means by which the purchaser or holder of the encumbrance will comply with subsection (1) of this section. [Formerly 94.431]
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