1. (1) When an escrow closes, an escrow agent must prepare, sign, and date a closing statement of each principal’s escrow account that includes the following:

   1. (a) The funds received and disbursed on the principal’s behalf for the principal’s benefit; and
   2. (b) Third party expenses paid by the escrow agent in connection with the escrow transaction, which must be clearly designated and separate from the escrow agent’s own fees.
2. (2) If payments or credits are made outside of escrow, the escrow agent may show such payments or credits on the closing statement if they are designated as payments or credits outside of escrow and are set forth separately from payments or credits made by or to the escrow agent.

3. (3) The escrow agent must deliver a copy of the signed and dated closing statement of the applicable escrow account to:

   1. (a) Each principal to the escrow or the principal’s designee;
   2. (b) A real estate broker who represents a principal to the transaction, upon the broker’s request, but only the closing statement for the principal that the broker represents; and
   3. (c) A seller who has financed some or the entire sales price, a copy of the buyer/borrower statement, at the seller’s request.

Statutory/Other Authority

ORS 696.385 & 696.581

Statutes/Other Implemented

ORS 696.535

History

REA 3-2024, minor correction filed 12/12/2024, effective 12/12/2024
REA 10-2008, f. 12-15-08, cert. ef. 1-1-09
REA 5-2003, f. 12-24-03, cert. ef. 1-1-04
REA 2-1997, f. 6-18-97, cert. ef. 7-1-97
REC 6-1984, f. 6-18-84, ef. 7-1-84
REC 2-1981, f. 10-30-81, ef. 11-1-81
REC 5-1978, f. 11-15-78, ef. 1-1-79
REC 29, f. 12-9-70, ef. 1-10-71