Oregon law recognizes the following statutory deed forms:
- Warranty Deeds. An Oregon warranty deed form offers the strongest warranty of title. ...
- Special Warranty Deeds. An Oregon special warranty deed form transfers real estate with the same warranty of title as general warranty deeds—except the warranty only extends to the period during ...
- Bargain and Sale Deeds. ...
- Quitclaim Deeds. ...
What is a warranty deed in Oregon?
In Oregon, title to real property can be transferred from one party to another by executing a warranty deed. A warranty deed conveys an interest in real property to the named grantee with full warranties of title.
What is a statutory warranty deed?
A statutory warranty deed is a legal document used to transfer real property. This form implies a guarantee about the title's history, functioning like a general warranty deed. Read more to find out how to use this type of deed.
How do I transfer title to real property in Oregon?
In Oregon, title to real property can be transferred from one party to another by executing a warranty deed. A warranty deed conveys an interest in real property to the named grantee with full warranties of title. Warranty deeds are statutory in Oregon under ORS 93.850, and they convey real property in fee simple with the most assurance of title.
What happens if a claim is made against a warranty deed?
If a claim ever arises against the property in the future, the grantor will have to compensate the grantee. A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear.
What is an Oregon statutory deed?
They convey the entire interest in the property that the deed purports to convey as of the date of the deed, they pass after-acquired title, and they estop the grantor and grantor's heirs, successors, and assigns from asserting they had an estate less than the deed purports to convey as of the date of the deed.
What are the 3 types of title warranties?
Under the implied category are three major subtypes: the implied warranty of merchantability (only given by merchants), the implied warranty of fitness for a particular purpose, and the implied warranty of title.
What is the most common type of warranty deed?
General warranty deedGeneral warranty deed: A general warranty deed is the most common type of deed used to transfer fee simple ownership of a property. Unlike a quitclaim deed, a general warranty deed does confirm a grantor's ownership and a legal right to sell.
Who benefits the most from a warranty deed?
The buyerThe buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
What is the best type of deed to get?
A Warranty Deed is the best of the best. It protects you from all future and past issues with property title and any outstanding debts or liens.
Which deed provides the highest degree of title protection?
General Warranty DeedGeneral Warranty Deed It offers the highest level of protection to the buyer because it guarantees that there are absolutely no problems with the home – even dating back to prior property owners. This quality of coverage is why most lenders will require you to get a general warranty deed when buying your house.
Which is more important title or deed?
Which is more important: title or deed? Both the title and the deed are of equal importance because they both have a purpose in the home selling process. For instance, a title search can note only confirm who owns the property, but also lists any liens, loans, or property taxes due.
What is a warranty deed used for?
A warranty deed is a document sometimes used in real estate, which offers the buyer of property the greatest amount of insurance. It guarantees or warrants that the property is owned by the owner free of any unpaid liens, mortgages, or other obligations against it.
Which deed provides the least protection?
Quitclaim Deed – provides the grantee with the least protection; it contains no promises or warranties, and only conveys whatever title and interest the grantor has.
What is the difference between deed and title?
A deed is evidence of a specific event of transferring the title of the property from one person to another. A title is the legal right to use and modify the property how you see fit, or transfer interest or any portion that you own to others via a deed. A deed represents the right of the owner to claim the property.
Who holds house deeds?
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
Is a warranty deed the same as an abstract?
The reality is that, as a buyer, you're engaging in a legal exchange of ownership and property rights, and a warranty deed is an essential part of this transaction. A warranty deed is the means by which ownership of property is transferred, whereas a title is an abstract term that defines property rights.
What are title warranties?
A warranty of title is a guarantee by a seller to a buyer that the seller has the right to transfer ownership and no one else has rights to the property. In addition, a warranty of title may be used to guarantee that no other party has copyright, patent or trademark rights in the property being transferred.
What are title and capacity warranties?
Each of the warranties set out in Sections 5.1 and 5.2 (the “Title and Capacity Warranties”) shall survive Closing and the Purchaser shall be entitled to, at any time after the Closing Date, bring a claim against the Sellers for breach of the Title and Capacity Warranties.
What does a full warranty provide?
A "full warranty" promises the consumer that the manufacturer or seller will repair the item for free during the warranty period. If the company can't fix the problem in a reasonable number of attempts and in a reasonable amount of time, it has to give the consumer a refund or replace the item.
What is the difference between warranty and indemnity?
Firstly, with a warranty claim, the buyer is under an obligation to mitigate any loss it has incurred. However, with an indemnity claim, the law is less clear as to whether there is such a duty to mitigate.
What is a deed related form?
This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Statutory Warranty Deed, can be used in the transfer process or related task. You can adapt the language to fit your circumstances. This form is available for download now in standard format (s).
What is the age of majority in Oregon?
Under Oregon law, anyone under the age of 18 is considered a minor (ORS 419B. 550 definition of minor and ORS 109.510 age of majority).
What is illegal in Oregon?
It is illegal to place a container filled with human fecal matter on the side of any highway. Babies may not be carried on the running boards of a car. Drivers may not pump their own gas. One may not bathe without wearing "suitable clothing," i.e., clothing that covers one's body from neck to knee.
What is warranty deed in Oregon?
A warranty deed conveys an interest in real property to the named grantee with full warranties of title. Warranty deeds are statutory in Oregon under ORS 93.850, and they convey real property in fee simple with the most assurance of title.
What is warranty of title?
This warranty of title is greater than that of a limited or special warranty deed, which guarantees the title only against claims that arose during the time the grantor held title to the property, or a quitclaim deed, which offers no warranties of title.
What is vesting in Oregon?
Vesting describes how the grantee holds title to the property. Generally, real property is owned in either sole ownership or in co-ownership. For Oregon residential property, the primary methods for holding title are tenancy in common and tenancy by entirety.
Is a conveyance to a married couple a tenancy?
A conveyance to a married couple creates a tenancy by entirety. Joint tenancy is abolished unless the conveyance is to trustees or personal representatives (ORS 93.180). As with any conveyance of realty, a warranty deed requires a complete legal description of the parcel.
What types of deeds are recognized in Oregon?
Oregon recognizes by statute four basic deed forms for transferring real estate: warranty deeds, special warranty deeds, bargain and sale deeds, and quitclaim deeds. In each case, Oregon law assumes a deed transfers the current owner’s entire interest in the real estate unless the deed expressly limits the transferred interest. 1
What rules apply to deeds of Oregon property from corporations or LLCs?
Under Oregon law, members of a member-managed LLC have the authority to execute a deed on the LLC’s behalf. 56 If an LLC is manager-managed, the LLC’s managers have the authority to execute a deed on the company’s behalf. 57 In either case, an LLC’s articles of organization can override a member or manager’s presumed authority.
What types of estate planning deeds does Oregon use?
The following specialized deeds can also be one of the above-described deed forms. For example, a life estate deed could also be a special warranty deed.
What is the cost to file an Oregon deed?
Most counties charge a flat fee of between $95.00 and $110.00, plus an additional $5.00 for each page of the deed. 26 A clerk may charge a $20.00 penalty fee if the clerk accepts for filing a deed that does not comply with Oregon’s formatting requirements or omits necessary information from the deed’s first page. 27
What are the rules for spousal ownership of Oregon real estate?
Tenancy by the entirety is the default and most common way for Oregon spouses to co-own real estate. 43 Deeds creating a tenancy by the entirety typically convey real estate to spouses jointly as tenants by the entirety or jointly as husband and wife. Because tenancy by the entirety has a right of survivorship, complete title to real estate co-owned as tenants by the entirety automatically vests in a surviving spouse upon the other spouse’s death.
How can I transfer Oregon property to or from a living trust?
Oregon law authorizes trusts to own real estate in the trust’s name or through the trustee in a representative capacity. When a trustee owns Oregon real estate as a trustee, the deed should expressly identify the trustee’s representative capacity. The acknowledgment form for a deed signed by a trustee should also clearly indicate that the trustee is acting as trustee. 52
What is a mandatory statement in a warranty deed?
Mandatory Statement ( O.R.S. § 93.040) – This Statement must be placed in the warranty deed to ensure the Grantor (s) is aware of their rights.
What is a general warranty deed?
Create Document. The Oregon general warranty deed is used to convey property in Oregon from an owner to a purchaser. This type of deed includes a guarantee from the seller that he or she owns the property, has the legal authority to sell the property and that the property is free and clear ...
What is statutory warranty deed?
A statutory warranty deed is a legal document that transfers ownership of real property from the seller (called the grantor) to the buyer (called the grantee). This type of deed guarantees that the grantor holds full and clear title to the property and will compensate the buyer should any claims ...
What is the difference between a statutory warranty deed and a general warranty deed?
A statutory warranty deed and a general warranty deed make the same guarantee: that the grantor holds full and clear legal title to the property and is conveying that to the grantee. If a claim ever arises against the property in the future , the grantor will have to compensate the grantee.
How to get a warranty deed?
A statutory warranty deed is one of the most common deeds used in a sale of real property. It is executed after the contract of sale, title search and other closing documents have been prepared and payment has been provided. To use the form, follow these steps: 1 Obtain the statutory warranty form from your state's statutes or website, or engage an online service provider to assist you. 2 Fill in the name and address of the grantor in the spaces provided. 3 Fill in the name and address of the grantee in the spaces provided. 4 Fill in the legal description of the property (which you can find on the previous deed). 5 The grantor must sign and date the deed. In most states, the grantee does not need to sign the form. 6 Your state may require that the grantor's signature be notarized. If so, the grantor should sign in front of a notary. 7 File the deed with the county registrar's office.
What happens when a deed is filed?
Once the deed is filed, the transfer has legally occurred and the grantee becomes the owner of the real property. This is the final step in the legal transfer of title to a piece of real property.
Do you have to sign a deed to a property?
The grantor must sign and date the deed. In most states, the grantee does not need to sign the form.
Is a quitclaim deed enforceable?
Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable. The two forms accomplish the same thing. A Statutory Warranty Deed vs. Other Types of Deeds. A quitclaim deed conveys only what rights the grantor owns, and makes no promises that there are no other claims against the property, ...
How does a warranty of title work?
How do These Different Deed Forms Work in Real Life? First, a warranty of title is a sort of “guaranty” regarding the quality of the title, made by the grantor to the grantee. So if the grantor conveys title to his or her property by General Warranty Deed, under one covenant of title, known as the covenant of “seizen” or “seisen,” he ...
What is a bargain and sale deed?
The Bargain and Sale Deed and Quitclaim Deed make no warranties, and are alike in most – but not all – respects. Besides conveying all of the grantor’s right, title and interest in the described property, the Bargain and Sale Deed [as well as the General and Special Warranty Deeds] include what title officers call “after-acquired title”;
What type of deed is used for a sale of a house?
Sellers and buyers of residential property are frequently confused over what type of deed they should use in making a conveyance as a “grantor,” or accepting a conveyance as a “grantee.” There are four basic deed forms, the General Warranty Deed (or “Warranty Deed”), the Special Warranty Deed, the Bargain and Sale Deed, and the Quitclaim Deed. Each one has been codified in statute, meaning simply that if the deed is identified as one of the statutory forms, it automatically carries with it the level of buyer title protection defined in the applicable statute. These deeds, in regular non-statutory form [i.e. containing the full text of the applicable warranties, if any] or in statutory form [i.e. containing by implication, the protection afforded by the applicable statute] differ based upon the degree of title protection afforded the grantee, and the degree of exposure created for the grantor. In descending order of protection to the grantee, the statutory deed forms are as follows:
How many deeds are there?
There are four basic deed forms, the General Warranty Deed (or “Warranty Deed”), the Special Warranty Deed, the Bargain and Sale Deed, and the Quitclaim Deed. Each one has been codified in statute, meaning simply that if the deed is identified as one of the statutory forms, it automatically carries with it the level of buyer title protection ...
Can a grantor claim a deed?
But if the grantor conveyed by a Special Warranty Deed, their warranty is only limited to claims arising during their ownership . The grantee may or may not have a claim, depending on when title by adverse possession had vested [i.e. when the ten year period ran]. If it vested before the grantor acquired title, there would be no claim against the grantor by the grantee, since title was not lost during that grantee’s ownership. [For more on adverse possession, go to my post, here.] If the grantor conveyed title to the grantee by a Bargain and Sale Deed or a Quitclaim Deed, there would be no claim, because neither deed warrants the quality of title to the grantee. The grantee gets full title to the property conveyed, but no assurances by the grantor as to the quality of that title.
What is an Oregon Special Warranty Deed Form?
An Oregon special warranty deed form is a document that transfers ownership of Oregon real estate from the current owner (the grantor) to a new owner (the grantee) with limited warranty of title.
Other Names for an Oregon Special Warranty Deed Form
Oregon statutes and courts both use the term special warranty deed to refer to a deed that conveys real estate with a limited warranty of title. 7 Some jurisdictions refer to the same basic concept as a limited warranty deed, covenant deed, or grant deed. 8
How do Oregon Special Warranty Deed Forms Relate to Other Forms of Deeds?
Oregon recognizes by statute four principal deed forms: general warranty deeds, special warranty deeds, bargain and sale deeds, and quitclaim deeds. The main characteristic differentiating special warranty deeds from Oregon’s other statutory deed forms is the warranty of title limited according to when a potential title defect arose.
Common Uses of Oregon Special Warranty Deed Forms
Special warranty deeds are commonly used for sales of commercial real estate and residential properties a new owner intends to lease to multiple tenants. A purchaser expending a significant sum wants at least some guaranty that he or she is acquiring good title.
How to Create an Oregon Special Warranty Deed
Oregon law provides optional model language for each of Oregon’s four statutory deed forms. 30 The model form for special warranty deeds is as follows:
