The Oregon Granting Clause is a crucial element found in property deeds in the state of Oregon. It serves as a legal statement indicating the intention of the granter to transfer specific rights and interests in a property to the grantee. This clause explicitly defines the extent of the rights being transferred in order to provide clarity and avoid any ambiguity regarding the ownership and potential claims on the property. The Granting Clause in Oregon generally includes keywords such as "grant," "bargain," "sell," and "convey" to convey the granter's intention to transfer the property. It exemplifies the granter's desire to relinquish their rights and interests in the property while confirming the grantee's acquisition of these rights. Additionally, there are distinct types of Oregon Granting Clauses that may be used in different circumstances, including: 1. General Warranty Deed: This type of Granting Clause provides the highest level of protection to the grantee. It guarantees the granter's clear ownership of the property, confirms their legal right to sell it, and promises to defend the grantee against any future claims or challenges to the title. 2. Special Warranty Deed: Unlike the General Warranty Deed, the Special Warranty Deed limits the granter's liability to the period during which they owned the property. It assures the grantee that the property was free from any encumbrances or defects caused by the granter during their ownership. 3. Quitclaim Deed: The Quitclaim Deed Granting Clause does not provide any warranty or guarantee to the grantee. It solely transfers the granter's interest in the property, if any, without affirming whether the granter actually possesses any interest or if the title is valid. It is commonly used during transfers between family members, divorces, or to clear clouded titles. 4. Sheriff's Deed: The Sheriff's Deed Granting Clause applies when a property is sold due to foreclosure or a sheriff's sale. It transfers the rights and interests of the property from the defaulting owner (judgment debtor) to the purchaser (grantee), typically with a disclaimer stating that the transfer is only as good as the rights held by the judgment debtor. In summary, the Oregon Granting Clause is a vital component in property deeds, empowering the transfer of rights and interests from the granter to the grantee. Understanding the different types of Granting Clauses, such as General Warranty Deeds, Special Warranty Deeds, Quitclaim Deeds, and Sheriff's Deeds, helps ensure clarity, protect the grantee's interests, and establish a valid and legally binding transfer of real estate ownership in Oregon.
Oregon Granting Clause
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A trust deed is similar to a mortgage but usually gives the security holder a ?right of sale.? This ?right of sale? allows the security holder to foreclose on the property without having to file a lawsuit in court. This process is called ?foreclosure by advertisement and sale? and is found in ORS 86.735.
A deed in lieu of foreclosure is exactly what the name implies. That is, instead of resorting to a costly and time-consuming foreclosure, an owner simply deeds the property to the lender in exchange for the forgiveness or payment of some or all of the debt owed by the borrower.
Limitations Period: Six years for an action on the Note. Ten years for foreclosure under a deed of trust. [7] It is unsettled in Oregon whether a non-judicial foreclosure is barred if the limitations period on an action under the Note has already expired.
Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.
The trust deed and rules set out the trustees' powers and the procedures trustees must follow. As a trustee, you must act in line with the terms of the trust deed and rules. The trust deed is a legal document that sets up and governs the scheme.
A trust deed is a legal agreement between you and your creditors to pay back part of what you owe over a set period. This is usually four years, but may vary.
A mortgage involves two parties, while a deed of trust has three, and. mortgages are usually foreclosed judicially, while deeds of trust typically go through a nonjudicial foreclosure process (but not always).
The Oregon Trust Deed Act was established in 1959 to make the foreclosure process easier and faster by not involving the courts. The Act allows the lender to file a trust deed, which assigns the deed to a third-party (trustee).