Oregon Bargain and Sale Deed
Description
What Is a Bargain and Sale Deed?
A bargain and sale deed is a legal document used in real estate transactions to transfer property ownership without guaranteeing that the property is free from third-party claims. Mostly utilized in 'as-is' property sales, it is more common in certain states, following common law traditions.
Key Concepts & Definitions
- Real Property: Refers to land and any permanent structures attached to it.
- Common Law: A legal system based on court judgments and precedents rather than statutes.
- Personal Warranties: Guarantees made by the seller regarding the condition of the property.
- Property Law: The area of law that governs various forms of ownership in real property within the legal system.
Step-by-Step Guide to Using a Bargain and Sale Deed
- Identify the Property: Clearly define the property being transferred, including its address and legal description.
- Prepare the Deed: Draft the bargain and sale deed, highlighting the lack of personal warranties.
- Signatures: The deed must be signed by all relevant parties in the presence of a notary public.
- Record the Deed: File the deed with the local county recorders office to make the transaction public record.
Risk Analysis
Utilizing a bargain and sale deed can expose the buyer to certain risks, such as undisclosed liens or claims on the property. Without personal warranties, the buyer takes ownership relying solely on the trustworthiness of the seller's title.
Best Practices
- Due Diligence: Always conduct a thorough title search before proceeding with a bargain and sale deed.
- Legal Consultation: Engage a real estate attorney to review and advise on the transaction.
- Insurance: Consider purchasing title insurance to protect against potential title defects.
Common Mistakes & How to Avoid Them
- Failing to Verify Title: Before completing a transaction, confirm there are no existing claims or liens on the property.
- Neglecting Legal Help: The complexities of property law warrant professional legal advice; skipping this can be costly.
FAQ
- Is a bargain and sale deed safe? While common, it carries risks due to the lack of warranties.
- Can I get title insurance with this type of deed? Yes, and its highly recommended for protection against potential legal issues.
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FAQ
Bargain and sale deeds are statutory in Oregon under ORS 93.860. A bargain and sale deed conveys the grantor's "entire interest in the described property at the date of the deed which the deed purports to convey" but does not provide covenants of title (ORS 93.860(2, 3)).
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.
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.
A quitclaim deed only transfers the grantor's interests in a piece of real estate. It does not create any warranties on the title.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.
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.
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.