Oregon Statutes 92.405 – Sale prohibited where public report not waived; distribution and use of public report
(1) Unless the making of a public report has been waived, a person may not sell or lease a lot, parcel or interest in a subdivision or series partition prior to the issuance of the report.
Terms Used In Oregon Statutes 92.405
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) A copy of the public report, when issued, must be given to the prospective purchaser by the subdivider, series partitioner or developer, or an agent of the subdivider, series partitioner or developer, prior to the execution of a binding contract or agreement for the sale or lease of a lot, parcel or interest in a subdivision or series partition. The subdivider, series partitioner or developer, or an agent of the subdivider, series partitioner or developer, shall take a receipt from the prospective purchaser or lessee upon delivery of a copy of the Real Estate Commissioner’s public report. The receipt must be kept on file within this state in the possession of the subdivider, series partitioner or developer subject to inspection by the commissioner for a period of three years from the date the receipt is taken.
(3) The commissioner’s public report may not be used for advertising purposes unless the report is used in its entirety. No portion of the report shall be underscored, italicized or printed in larger or heavier type than the balance of the report unless the true copy of the report so emphasizes such portion.
(4) The commissioner may furnish at cost copies of the public report for the use of subdividers, series partitioners and developers.
(5) The requirements of this section extend to lots, parcels or other interests sold by the subdivider, series partitioner or developer after repossession.
(6) In addition to other sanctions provided by law, a violation of subsection (1), (2) or (3) of this section is an unlawful practice subject to ORS § 646.608. [1974 c.1 § 10; 1975 c.643 § 7; 1977 c.809 § 9; 1983 c.570 § 17; 2005 c.799 § 1; 2007 c.71 § 25]