Or. Admin. Code § 274-021-0010

Current through Register Vol. 63, No. 11, November 1, 2024

Section 274-021-0010 - Escrow Closings of Contract Sales

Effective with offers accepted by the Director after June 30, 1988:

(1) All contract sales of real or personal property by the Director of Veterans' Affairs shall be closed by a person or firm licensed as an escrow agent under the Oregon Escrow Law (ORS 696.505 to 696.590) or an attorney at law rendering services in the performance of duties as attorney at law.

(2) The escrow agent or attorney shall be selected by the purchaser.

(3) The costs of the escrow closing shall be shared as follows:

(a) The Director of Veterans' Affairs will pay one-half of the escrow agent's fee;

(b) The purchaser will pay one-half of the escrow agent's fee;

(c) Any other closing costs will be paid by the purchaser unless otherwise agreed by the parties.

(4) The requirement for licensed escrow (or attorney) closing shall not be waived except when in the Director's opinion, requiring such closing would cause an undue hardship.

Or. Admin. Code § 274-021-0010

DVA 2-1984, f. & ef. 5-3-84; DVA 2-1988, f. 6-6-88, cert. ef. 6-30-88; DVA 3-2007, f. & cert .ef. 9-25-07

Stat. Auth.: ORS 406 & 407

Stats. Implemented: ORS 407.165 & 407.169