Friday, May 17, 2013

Deeds in Oregon

If you want to transfer your interest in real property, you must do so in writing. The document used to transfer interest is called a deed. 

There are four types of commonly used deeds in Oregon and each transfers property differently. These are:

> Warranty Deed; 

> 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 property free and clear except for 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. 

A Bargain and Sale Deed transfers the title or interest you have at the time of the transfer or later acquire. However, it does not give any warranty that your title is good. 

A Quitclaim Deed transfers property but does not warrant that title is good. This deed is also referred to as a deed without covenants. 

These are not all the deeds used in Oregon, but does illustrate the difference in the most commonly used deeds to transfer title in Oregon.  

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