32-2185. Delivery of clear title by vendor on
performance of contract by vendee
It is unlawful to sell to any purchaser any subdivision lot or parcel that is
subject to a blanket encumbrance, unless there is a provision in the blanket encumbrance,
or in a valid supplementary agreement executed by the holder of the blanket encumbrance,
enabling the purchaser to acquire title to the lot or parcel free of the blanket
encumbrance upon completion of all payments and performances of all the terms and
provisions required to be made or performed by the purchaser under the real estate sales
contract. Certified or verified copies of documents acceptable to the commissioner
containing such provisions shall be filed with the commissioner prior to the sale of any
subdivision lot or parcel subject to a blanket encumbrance.
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