Monmouth

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Closings are handled through escrow. Conveyance is by warranty or bargain-and-sale deed, but land sales contracts are common. Mortgage deeds and deeds of trust are the security instruments. Oregon attorneys usually act as trustees in non-judicial trust-deed foreclosures. Such foreclosures take 5 months from the date of the sale notice; defaults may be cured as late as 5 days prior to sale. Judicial foreclosures on either mortgages or trust deeds allow for a one-year redemption period following sale. Oregonians use ALTA and Oregon Land Title Association policies. Buyers and sellers split escrow costs and transfer taxes; the buyer pays for the lender’s title insurance policy, and the seller pays for the owner’s policy. Property taxes are payable the 15th of November, February, and May; if paid in full by November 15th, owners receive a 3% reduction.

Due the 15th of November, February, and May

NO. Oregon is one of the few states that provides for a separate property management license option for property managers. Real estate brokers and salespeople (working under a broker) may also engage in property management. If a property manager is going to (for compensation) lease, rent, list, solicit for prospective tenants, solicit listings of places for rent or lease, or negotiate or attempt to negotiate to perform any of those acts, he or she will need a real estate license or a property managers license.

YES. For example, non-licensed individuals who are full time employees of a single owner of real estate, are exempt as to the property owned if the activity is incidental to the employee's normal, non real estate activities. For more information about these and other Oregon property management requirements and exceptions, please contact the Oregon Real Estate Agency. Before hiring a property manager to manage your Oregon rental property, you should always check that he or she is licensed appropriately. You can check the license status of Oregon property managers using the state's Licensee Search webpage.

NO. A broker's license is not required to manage community associations or condo associations in Oregon.

Oregon real estate broker licensing requirements include: - Age: must be at least 18 years old - High School: must have a high school diploma or equivalent - Trustworthiness: good moral character; must submit fingerprints and criminal background check - Education: must submit evidence of successful completion of 150 hours of required pre-license education - Exam: must pass the broker examination