ORS 92.427
Cancellation of agreement to buy interest in subdivision or series partition

  • procedure
  • effect
  • waiver
  • exemptions

(1)

A purchaser of a lot, parcel or interest in a subdivision or series partition may cancel, for any reason, any contract, agreement or any evidence of indebtedness associated with the sale of the lot, parcel or interest in the subdivision or series partition within three business days from the date of signing by the purchaser of the first written offer or contract to purchase.

(2)

Cancellation, under subsection (1) of this section, occurs when the purchaser of a lot, parcel or interest gives written notice to the seller at the seller’s address. The three business days cancellation period in subsection (1) of this section does not begin until the seller provides the purchaser with seller’s address for cancellation purposes.

(3)

A notice of cancellation given by a purchaser of a lot, parcel or interest in a subdivision or series partition 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 seller shall immediately return to the purchaser all payments received from the purchaser. In case of payments made by check, the seller is not required to return the payment to a purchaser until the check is finally paid as provided in ORS 74.2130 (Medium and time of settlement by bank). Upon return of all such payments the purchaser shall immediately transfer the purchaser’s rights in the lot, parcel or interest to the seller, 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 seller, and the seller shall cancel the evidence of indebtedness. Any encumbrances against the purchaser’s interest in the lot, parcel or interest arising by operation of law from an obligation of the purchaser existing prior to transfer of the lot, parcel or interest to the purchaser shall be extinguished by the reconveyance.

(6)

An act of a purchaser is not effective to waive the right of cancellation granted by subsection (1) of this section. A subdivider, series partitioner or developer may require that a purchaser of a lot, parcel or interest in a subdivision or series partition execute and deliver to the subdivider, series partitioner or developer, after the expiration of the three-day cancellation period, a signed statement disclaiming any notice of cancellation that may have been made by the purchaser prior to expiration of the three-day cancellation period for the offer under subsection (1) of this section, that may have been timely and properly done under this section and that has not been received by the subdivider, series partitioner or developer. In case of execution of any such statement by the purchaser, the statement shall be sufficient to rescind the notice of cancellation.

(7)

This section does not apply to:

(a)

The sale of a lot in a subdivision or a parcel in a series partition that has a residential dwelling upon it at the time of sale;

(b)

The sale of a lot in a subdivision or a parcel in a series partition when, at the time of sale, the seller has contracted with the purchaser to build a residential dwelling upon the lot or parcel; or

(c)

The sale of a lot in a subdivision or a parcel in a series partition to a person who derives a substantial portion of income from the development or purchase and sale of real property.

(8)

Notwithstanding subsection (7) of this section, this section applies to a planned community subdivision of manufactured dwellings created under ORS 92.830 (Definitions for ORS 92.830 to 92.845) to 92.845 (Relationship of subdivision in manufactured dwelling park or mobile home park to planned community statutes and series partition statutes). [1975 c.643 §16; 1983 c.570 §20; 2001 c.711 §6; 2003 c.474 §4]

Source: Section 92.427 — Cancellation of agreement to buy interest in subdivision or series partition; procedure; effect; waiver; exemptions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors092.­html.

92.010
Definitions for ORS 92.010 to 92.192
92.012
Compliance with ORS 92.010 to 92.192 required
92.014
Approval of city or county required for specified divisions of land
92.016
Sale or negotiation to sell lot or parcel prior to approval of tentative plan
92.017
Lawfully created units of land
92.018
Buyer’s remedies for purchase of improperly created unit of land
92.025
Prohibition of sale of lot or parcel prior to recordation of plat
92.027
Deed reference to creation of unit of land
92.031
Middle housing land division
92.040
Application for approval of subdivision or partition
92.042
Governing body having jurisdiction to approve plans, maps or plats
92.044
Adoption of standards and procedures governing approval of plats and plans
92.046
Adoption of regulations governing approval of partitioning of land
92.048
Procedure for adoption of regulations under ORS 92.044 and 92.046
92.050
Requirements of survey and plat of subdivision and partition
92.055
Requirements for unsurveyed and unmonumented parcels on plats
92.060
Marking subdivision, partition or condominium plats with monuments
92.065
Monumenting certain subdivision corners after recording plat
92.070
Surveyor’s certificates
92.075
Declaration required to subdivide or partition property
92.080
Preparation of plat
92.090
Approval of subdivision plat names
92.095
Payment of taxes, interest or penalties before subdivision or partition plat recorded
92.097
Employment of registered engineer by private developer
92.100
Approval of plat by city or county surveyor
92.103
Notice to district of tentative plan
92.104
District to report boundary locations
92.105
Time limit for final action by city or county on tentative plan
92.120
Recording plats
92.130
Additional tracings transferred to county surveyor
92.140
Indexing of plats
92.150
Construction of donations marked on plat
92.160
Notice to Real Estate Commissioner of receipt of subdivision plat
92.170
Amending recorded plat
92.175
Methods by which certain land may be provided for public purposes
92.176
Validation of unit of land not lawfully established
92.177
Creation of parcel by less than all owners of lawfully established unit of land
92.178
Creation of parcel previously approved but not acted upon
92.179
Liability for costs of relocating utility facilities
92.180
Authority to review replats
92.185
Reconfiguration of lots or parcels and public easements
92.190
Effect of replat
92.192
Property line adjustment
92.205
Policy
92.215
Review authorized
92.225
Review of undeveloped or developed subdivision plat lands
92.234
Revision, vacation of undeveloped subdivisions
92.245
Fees for review proceedings resulting in modification or vacation
92.285
Retroactive ordinances prohibited
92.305
Definitions for ORS 92.305 to 92.495
92.313
Policy
92.317
Policy
92.325
Application of ORS 92.305 to 92.495
92.337
Exemption procedures
92.339
Use of fees
92.345
Notice of intention
92.355
Commissioner may request further information
92.365
Filing information to be kept current
92.375
Consent to service of process on commissioner
92.377
Written notice to land division applicant
92.385
Examination
92.395
Waiver of examination in this state
92.405
Sale prohibited where public report not waived
92.410
Review of subdivisions for which public report issued
92.415
Advance of travel expense for examination of subdivision or series partition
92.425
Conditions prerequisite to sale
92.427
Cancellation of agreement to buy interest in subdivision or series partition
92.430
Notice to purchaser of cancellation rights
92.433
Escrow documents required of successor to vendor’s interest
92.455
Inspection of records
92.460
Blanket encumbrance permitted only in certain circumstances
92.465
Fraud and deceit prohibited
92.475
False or misleading advertising prohibited
92.485
Waiver of legal rights void
92.490
Civil penalty
92.495
Cease and desist order
92.830
Definitions for ORS 92.830 to 92.845
92.832
Policy
92.835
Subdivision of manufactured dwelling park or mobile home park
92.837
Application of city or county comprehensive plans and land use regulations
92.839
Notice to tenants of conversion and tenants’ rights during conversion
92.840
Sale of subdivision lots
92.843
Approval of declaration or amendment to declaration made pursuant to ORS 92.845
92.845
Relationship of subdivision in manufactured dwelling park or mobile home park to planned community statutes and series partition statutes
92.990
Penalties
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