This form is a Quitclaim Deed where the grantor is an individual and the grantees are three individuals. Grantees take the property as joint tenants with the right of survivorship or as tenants in common. Grantor conveys and quitclaims the described property to grantees. This deed complies with all state statutory laws.
Oregon Quitclaim Deed - Individual to Three Individuals
Category:
State:
Oregon
Control #:
OR-023-77
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
A quitclaim deed is a legal document used to transfer ownership of real property from one party (the grantor) to another (the grantee). Unlike a warranty deed, a quitclaim deed does not guarantee that the grantor holds clear title to the property. This means that the grantor is simply transferring whatever interest they have in the property, if any, without any assurances of delivered title.
How to complete a form
To complete the Oregon Quitclaim Deed, follow these steps:
- Enter the name and address of the grantor(s) in the designated space.
- List the names of the grantee(s) as you wish them to appear on the deed.
- Provide a legal description of the property, which typically includes the location and physical boundaries.
- Indicate the consideration (i.e., the amount paid) for the property transfer.
- Have all parties sign the document in the presence of a notary public.
Ensure all details are accurate to avoid future disputes.
Who should use this form
The Oregon Quitclaim Deed is suitable for individuals who wish to transfer their interest in a property without any guarantees about the title. This form is commonly used when:
- A property owner is transferring ownership to family members or friends.
- There is no formal sale of the property.
- The grantees are taking the property as joint tenants with rights of survivorship.
Legal use and context
This quitclaim deed is specifically designed for transferring property ownership in Oregon. Its primary purpose is to simplify the title transfer process, particularly in informal transactions, such as gifts or transfers among partners.
It is essential for users to understand that using a quitclaim deed does not protect against claims on the property by third parties. Therefore, parties should ensure they have a clear understanding of the property rights being transferred.
Key components of the form
The Oregon Quitclaim Deed contains several critical sections:
- Grantor Information: Identifies the person transferring the property.
- Grantee Information: Names the individuals receiving the property.
- Property Description: Provides details about the property being transferred.
- Consideration Amount: States the financial amount or value exchanged.
- Signature Section: Must include the grantor's signature and date, along with notarization.
What documents you may need alongside this one
When completing an Oregon Quitclaim Deed, consider preparing the following documents:
- Previous deed: To reference the specific ownership details.
- Title insurance policy: To understand any encumbrances or claims against the property's title.
- Property tax statements: To ensure all taxes are current before transferring ownership.
What to expect during notarization or witnessing
Notarization is a crucial step in validating the Oregon Quitclaim Deed. During this process:
- All parties involved must be present before the notary public.
- Each person will need to present a form of identification.
- The notary will witness the signing of the deed and add their seal and signature to confirm the authentication.
This step ensures that the transfer is legally binding and recognized by state authorities.
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How to fill out Oregon Quitclaim Deed - Individual To Three Individuals?
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FAQ
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.
Once you sign a quitclaim deed and it has been filed and recorded with the County Clerks Office, the title has been officially transferred and cannot be easily reversed. In order to reverse this type of transfer, it would require your spouse to cooperate and assist in adding your name back to the title.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
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.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.
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.