Oregon Deed to Time Share Condominium with Covenants of Title

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US-02717BG
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Description

Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.


A Warranty Deed s provides the most protection against defects of title- covenants that the grantor has title to, and the power to convey, the property; that the buyer will not be disturbed in possession of the land; and that transfer is made without unknown adverse claims of third parties. A Special Warranty Deed only that the grantor held good title during his or her ownership of the property, not that there were no title defects when others owned it. If all liens and encumbrances are disclosed, the seller is not liable if a third person interferes with the buyer's ownership.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

In sum, the Oregon Planned Community Act provides a comprehensive framework for the formation and operation of planned communities in Oregon. It sets forth the legal rights and obligations of the members, the owners, and the association, and provides for the enforcement of those rights and obligations.

A condominium (also called a "condo") is a large property complex comprised of individual units, and each unit is owned separately. Ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.

Owners of condos receive a deed for their unit just like if they bought a house. They also own their unit in fee simple, which is the least restrictive form of real estate ownership recognized by law.

The Oregon Condominium Act governs the creation, conversion, common expenses, apportionment of interest, management, and powers of condominium associations in the state. It also covers voting rights, insurance, association administration, and insurance requirements.

The Oregon Condominium Act requires that the condominium association be organized to serve as a means through which the unit owners may take action with regard to the administration, management and operation of the condominium. Each unit owner is automatically a member of the association.

Sometimes, timeshare owners who no longer wish to own the property or lose it due to bankruptcy or foreclosure may be offered a warranty deed by the resort or lender to sign to legally remove their ownership status.

To transfer ownership of the real property to another, the current owner must execute a new deed and record it with the County Recorder's office.

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Oregon Deed to Time Share Condominium with Covenants of Title