The Oregon Warranty Deed for Surface and Mineral Interests with Multiple Granters is a legal document used to transfer ownership of both surface and mineral rights from multiple granters to a grantee. This deed provides a guarantee from the granters that they have full legal authority to transfer the property and that the property is free from any encumbrances or liens, except those specifically stated in the deed. This type of deed is commonly used in Oregon, where the ownership of surface and mineral rights can be separate. It is important to use a Warranty Deed with Multiple Granters when there are multiple individuals or entities that need to transfer their interests. Some key elements included in this type of deed are: 1. Granter Information: The deed starts by providing the names and addresses of all the granters involved in the transfer. 2. Grantee Information: This section contains the details of the individual or entity receiving the surface and mineral interests. 3. Legal Description: The deed contains a detailed description of the property, including its boundaries, lot numbers, and any other identifying information necessary to accurately define the property being transferred. 4. Consideration: The deed includes the amount of money or value exchanged for the transfer of the property. 5. Covenants and Warranty: This section of the deed includes warranties from the granters, guaranteeing that they have full legal authority to transfer the property and that no other party has any claims or interests, except as specified. 6. Exceptions and Reservations: This part of the deed lists any exceptions or reservations to the surface and mineral rights that the granters wish to retain. For example, the granters might retain the right to extract minerals or place a right-of-way on the property even after transferring ownership. 7. Witness and Notary: The deed must be signed by the granters in the presence of witnesses and notarized to ensure its legal validity. There are no specific different types of Oregon Warranty Deed for Surface and Mineral Interests with Multiple Granters. However, variations of the deed may exist depending on specific circumstances or additional agreements between the parties involved. It is always advisable to consult with a qualified attorney or legal professional when dealing with complex real estate transactions to ensure compliance with Oregon state laws and regulations.
Oregon Warranty Deed for Surface and Mineral Interests with Multiple Grantors
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FAQ
The grant deed is used when a person who is on the current deed transfers ownership or adds a new owner. The grantor (donor or seller) promises that all rights to the property are being transferred?there are no hidden owners or easements.
The guarantees of a general warranty deed are known as covenants. Traditionally, there are six covenants of title which can be divided into present covenants and future covenants.
A special warranty deed is a deed to real estate where the seller of the property?known as the grantor?warrants only against anything that occurred during their physical ownership. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.
General Warranty Deed With this type of deed, the grantor makes a series of legally binding promises (called covenants) and warranties to the grantee (and their heirs) agreeing to protect the grantee against any prior claims and demands of all persons whomsoever in regards to the conveyed land.
The grantor offers six specific warranties to the grantee that are not offered by any other deed. The seller offers the greatest level of buyer protection with a general warranty deed through six specific warranties. The seller promises that he/she owns the property and has the legal right to sell it.
What Is the Strongest Type of Deed? For real estate buyers, a general warranty deed provides greater protection than any other type of deed. While it's the best deed for the grantee, it gives the grantor the most liability.
Definition of General Warranty Deed? A deed in which the grantor warrants or guarantees the title to real property against defects existing before the grantor acquired title or arising during the grantors ownership.
A warranty deed protects the buyer and ensures that the seller holds a free and clear title to a property without any outstanding liens or mortgages. A warranty deed is a legal real estate document and protects the buyer against future claims to the title of the property.