An 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 of any undisclosed claims.
Is a warranty deed the same as a title?
Does a Warranty Deed Mean a Clear Title? A warranty deed is a higher level of protection produced by the seller upon the real estate closing. It includes a full legal description of the property, and confirms the title is clear and free from all liens, encumbrances, or title defects.
What is the difference between a warranty deed and a regular deed?
“DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee.” A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee. The grantor may also make certain future covenants in the Deed.
Why is a warranty deed better than a quitclaim deed?
A warranty deed contains a guarantee that the grantor has legal title and rights to the real estate. A quitclaim deed offers little to no protection to the grantee. Warranty deeds ensure that the grantor has the right to sell the property, and guarantees that there are no liens or encumbrances against the land.
Is a warranty deed the same as a bill of sale?
A deed is not a bill of sale. Rather, it conveys what is legally included in the sale. This includes legal details and property specifications. It also usually includes information such as property lines, square footage, landmarks, and additional buildings.
Does a deed mean you own the house?
A house deed is the legal document that transfers ownership of the property from the seller to the buyer. In short, it’s what ensures the house you just bought is legally yours.
Who holds the title deeds to a property?
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.
How much does a warranty deed cost?
Land. It should only cost a couple of hundred bucks to have a special warranty deed drawn up (assuming there is no mortgage). You will then have a recording fee of about $30, based on the number of pages the deed contains and
Can a warranty deed be reversed?
A warranty deed can be revoked. In most situations, the person signing the deed needs the cooperation of the person who received the deed to revoke it. If the deed was prepared for a property transfer as part of a typical sale, though, you probably will have to take legal action to revoke the deed.
What are the disadvantages of a quit claim deed?
Disadvantage. The great disadvantage for the grantee who takes property using a quitclaim deed is the fact that if events prove that the grantor had no title, or limited title, to the property, the quitclaim deed does not allow the grantee to sue the grantor.
Is a warranty deed valid if not recorded?
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
Why do warranty deeds say $10?
In legal terms, the $10 is a “peppercorn consideration.” It is an actual common law term to make it clear that an actual enforceable transfer is taking place and not a promise.
Is a warranty deed a contract?
A warranty deed, or general warranty deed as it is sometimes called, is a legal document used in real estate transactions. When a seller transfers property to a buyer, a warranty deed is used to ensure that the title of the property being transferred is valid and free from any issues.