(1) If a person purchases residential real property after a complaint has been filed to foreclose a lien on the real property and before the end of the redemption period provided under ORS § 18.964, the purchaser shall provide the following notice in clear and conspicuous type, 14-point or larger, to the seller before purchasing the real property:

Terms Used In Oregon Statutes 18.965

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Execution: means enforcement of the money award portion of a judgment or enforcement of a judgment requiring delivery of the possession or sale of specific real or personal property, by means of writs of execution, writs of garnishment and other statutory or common law writs or remedies that may be available under the law. See Oregon Statutes 18.005
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

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WARNING: You should be careful about this kind of transfer of property. Make sure you understand the documents that you sign. You may still own interests in this property. If you sign the deed to transfer this property, you may be giving up all of your interests in this property, such as redemption rights and rights to ‘surplus funds.’ ‘Surplus funds’ are any extra money if the property is sold at the sheriff’s execution sale for more than what is owed on the property. If you have questions, talk to a lawyer before signing.

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(2) At or before the time of recording the deed transferring the real property purchased after a complaint has been filed to foreclose a lien on the real property and before the end of the redemption period provided under ORS § 18.964, the purchaser shall file for recording in the official record of the county or counties in which the property described in the deed is situated an affidavit stating that the person complied with the notice requirement under subsection (1) of this section. The affidavit may be affixed to the deed transferring the real property. [2019 c.309 § 2]

 

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