Oregon Quitclaim Deed from Corporation to Corporation
Overview of this form
The Quitclaim Deed from Corporation to Corporation is a legal document that allows one corporation (the Grantor) to transfer ownership of real property to another corporation (the Grantee) without any warranties regarding the property's title. This form is particularly useful in corporate transactions where a company wants to convey property to another entity, making it distinct from warranty deeds that provide guarantees about the propertyâs title. The Quitclaim Deed enables streamlined property transfers between corporate entities while reserving certain rights, such as oil, gas, and mineral interests, for the Grantor.
Main sections of this form
- Names and addresses of the Grantor and Grantee corporations.
- Description of the property being conveyed.
- Reservation clause for oil, gas, and mineral rights, if applicable.
- Proration of taxes between the parties.
- Signatures of authorized representatives from both corporations.
Common use cases
This form should be used when one corporation wishes to transfer property ownership to another corporation. Common scenarios include business mergers, asset reallocation, or when a corporation is selling off real estate holdings. It is particularly relevant in situations where the transferring corporation wants to limit liability related to the property being transferred by not providing any warranties on the title.
Who needs this form
This form is intended for:
- Corporations engaged in property transactions.
- Business owners looking to formalize a property transfer.
- Corporate legal representatives handling asset management.
- Real estate professionals involved in corporate property deals.
Steps to complete this form
- Identify the parties: Enter the full legal names of the Grantor and Grantee corporations.
- Specify the property: Provide a detailed description of the property being transferred.
- Include tax arrangements: Decide how property taxes for the current tax year will be handled.
- Sign the document: Ensure the authorized representatives of both corporations sign the deed.
- File the deed: Submit the completed quitclaim deed to the appropriate county recorder's office, if required by state law.
Is notarization required?
This form does not typically require notarization unless specified by local law. However, it is advisable to check local regulations to ensure compliance with any notary requirements during the property transfer process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to include accurate legal names of the corporations.
- Neglecting to provide a clear property description.
- Not indicating how property taxes will be divided or paid.
- Omitting signatures from authorized representatives.
- Forgetting to file the deed with the county recorder's office as necessary.
Why complete this form online
- Convenience of downloading and filling the form at any time.
- Editability to customize the document as needed before finalizing.
- Reliability of using a form drafted by licensed attorneys to ensure legal compliance.
- Quick access to necessary information without visiting a law office.
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FAQ
When done properly, a deed is recorded anywhere from two weeks to three months after closing. However, there are many instances where deeds are not properly recorded. Title agents commit errors, lose deeds, and even go out of business. Even county offices sometimes fail to record deeds that were properly submitted.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
Fill out the quit claim deed form, which can be obtained online, or write your own using the form as a guide. The person giving up the interest in the property is the grantor, and the person receiving the interest is the grantee.
Signing - The selling party must sign the quit claim deed in front of a Notary Public (ORS 93.410). Recording - Once notarized, the quit claim deed must be filed with the County Court Clerk's Office in the jurisdiction in which the property is located, along with any adjoining fees.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
They are commonly used to add/remove someone to/from real estate title or deed (divorce, name changes, family and trust transfers). The quitclaim deed is a legal document (deed) used to transfer interest in real estate from one person or entity (grantor) to another (grantee).
A Quitclaim Deed must be notarized by a notary public or attorney in order to be valid.Consideration in a Quitclaim Deed is what the Grantee will pay to the Grantor for the interest in the property.
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.
