Oregon Statutes 18.987 – Purchasers interest in land sale contract; leasehold interest in land with unexpired term of more than two years
(1) Except as provided in this section, a purchaser’s interest in a land sale contract, as defined by ORS § 18.960, or a leasehold interest in land with an unexpired term of more than two years must be levied on and sold in the same manner as provided for real property under ORS § 18.860 to 18.993.
Terms Used In Oregon Statutes 18.987
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) The legal description required by ORS § 18.875 (1)(e) in instructions to a sheriff directing the sale of a purchaser’s interest in a land sale contract, as defined by ORS § 18.960, or the sale of a leasehold interest in land with an unexpired term of more than two years must be of the property sold under the land sale contract, or of the real property subject to the lease.
(3) There is no right of redemption if a purchaser’s interest in a land sale contract, as defined by ORS § 18.960, is sold at an execution sale pursuant to a judgment enforcing the seller’s rights under the contract and if the judgment directing the sale of the purchaser’s interest indicates that the purchaser’s interest is sold without redemption rights. [2005 c.542 § 50]