This form is used when each of the parties to this Partition and Assignment have determined that it is in (his/her/its) best interest that (he/she/it) own the entire leasehold estate in a portion of the Lands subject to the Lease, rather than an undivided interest in all of the Lands subject to the Lease.
Oregon Partition and Assignment of Leasehold Estate
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Multi-State
Control #:
US-OG-270
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Word;
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How to fill out Partition And Assignment Of Leasehold Estate?
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FAQ
Every local jurisdiction in Oregon requires at least a two-step process when approving land divisions. First, the applicant will need to apply for preliminary plan approval. Second, the applicant will need to apply for final plat approval. You might also encounter some required preliminary steps.
Assignment of rents A written agreement wherein the owner of a property gives another party, such as the mortgagee or creditor, the right to collect rents, manage the property, pay expenses, and apply the net income toward delinquent mortgage payments.
In real estate terms, subdividing is where a larger parcel of land is divided, and a separate legal title is established for each of the new smaller sections.
This is typically done by hiring a surveyor to map out the boundaries of the new parcels. The surveyor will also provide a legal description of the parcels and other relevant information. The surveyor will also provide the paperwork required to complete the process, such as a deed, title, and other legal documents.
On June 3, 1963, the Oregon Legislature passed the Oregon Subdivision Control Law. ' This law was enacted to provide the public with protection from fraudulent land promoters who were selling marginal and desert lands within the state.
A Land Division Review is required to divide an existing property to create additional lots, parcels or tracts. A land division may also be required to legalize a lot that was created outside of the legal process (such as through deed).