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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