Oregon Bargain and Sale Deed - Individual to Individual
Overview of this form
The Bargain and Sale Deed is a legal document that facilitates the transfer of property ownership between two individuals. In this form, the grantor conveys all title and interest in the property to the grantee, ensuring that the grantee receives full ownership rights, including any future claims to the property. This deed is distinct from other types of deeds, such as warranty deeds or quitclaim deeds, due to its ability to effectively transfer title without guarantees regarding the property's condition or history, and it complies with state statutory laws.
What’s included in this form
- Grantor and grantee information: Names and addresses of both parties involved in the transaction.
- Property description: Detailed information about the property being transferred, including its legal description.
- Consideration: The amount paid for the property, even if it is $1 or a nominal fee.
- Execution: Signature lines for both the grantor and a notary public, if required.
When this form is needed
This form should be used when an individual wishes to transfer ownership of real property to another individual without providing a guarantee of title. Common scenarios include family transfers, sales between friends, or situations where the seller is not willing to offer warranties about the property's title.
Who needs this form
This form is ideal for:
- Individuals selling or gifting property to another individual.
- Property owners without legal representation who want to transfer title without complexities.
- Those involved in private transactions without professional real estate agents or attorneys.
Completing this form step by step
- Identify the parties: Fill in the names and addresses of the grantor (seller) and grantee (buyer).
- Specify the property: Insert a complete description of the property being transferred.
- Enter consideration: Provide the amount paid for the property, even if nominal.
- Sign the document: The grantor must sign the deed in the presence of a notary public if required.
- Record the deed: Submit the signed deed to the appropriate county office for recording.
Is notarization required?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
Common mistakes
- Failing to accurately describe the property, which can lead to disputes later.
- Not including necessary signatures or notary acknowledgment, making the deed invalid.
- Leaving the consideration section blank or providing an improper amount.
Benefits of using this form online
- Convenience of filling out the form from home without needing to visit an office.
- Editability allows users to correct mistakes before finalizing the document.
- Access to a reliable, attorney-drafted form ensures legal compliance.
Form popularity
FAQ
The quitclaim deed provides no warranties; it conveys the interest the grantor had in the propertynothing more.The bargain and sale deed indicates that the grantor has title; but property might come with encumbrances and defects.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
Bargain and sale deeds are most often used when property is transferred pursuant to a foreclosure, tax sale, or settlement of the estate of a deceased person. They may also be used in the same situations as a quitclaim deed, although they give the grantee a little more protection.
Buying property with this type of deed is not necessarily a bad idea, but it is advisable to take some precautions. If possible, a title search should be conducted to look for any clouds on the title and to see how difficult it would be to release them.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Signing - The selling party must sign the quit claim deed in front of a Notary Public (ORS 93.410). Recording - Once notarized, the quit claim deed must be filed with the County Court Clerk's Office in the jurisdiction in which the property is located, along with any adjoining fees.
Sale deed can be challenged only if there are sound legal grounds. If it has been executed by fraud, co ertion etc it can be challenged but one need to prove to the court the grounds on which it is challenged.
Bargain and sale deeds, as the term suggests, is used in a sale. Unlike a quitclaim, the bargain and sale deed indicates that the grantor has the title and can convey it to a buyer.The bargain and sale deed indicates that the grantor has title; but property might come with encumbrances and defects.
