Tenancy in Common http://www.osbar.org/_docs/public/lioa/chapter6.pdfOriginally Posted by Chex
There are four types of deeds in Oregon and each transfers property differently.
These are:
• Warranty deed; (Common paperwork)
• Special warranty deed;
• Bargain and sale deed; and
• Quitclaim deed.
A warranty deed expressly warrants that title is good. This means that you will guarantee you own the entire property free and clear except for any conditions specifically listed in the deed.
A special warranty deed is most often used in fulfillment of a land sale contract and is similar to a warranty deed except the person selling only warrants their own actions.
There are a few practical matters you should know about completing a deed:
• If the property is located in a subdivision, it must be legally described by lot and block numbers in the deed.
• If the property is not in a subdivision, it must be described by a method called “metes and bounds” or by a sectional description. A tax lot number or street address is not enough.
• The deed must state what was given or paid (called consideration) for the property; generally, the dollar amount paid for the property.
If the property is a gift, the deed can say that the consideration is love and affection.
• Never sign a deed someone else has prepared for you unless you know and understand the outcome.
• The deed must be signed or acknowledged before a notary public.
• Once a deed has been received or delivered, you must record it with the county clerk or recorder for the county where the property is located.
All deeds, mortgages, contracts, and other writings about ownership interests in real property should be recorded.
Recording protects the buyer and the seller. For instance, if you are the buyer, you could lose your title to the property if the deed is not recorded and the property is sold again by the same person who transferred it to you.
An unrecorded deed could create problems with transferring the property in the future.
Reply With Quote
