![]() ![]() This is useful for both corporate owners of properties and those planning to pass on their assets to their heirs. Attorney What types of deeds are recognized in Oregon Oregon recognizes by statute four basic deed forms for transferring real estate: warranty deeds, special warranty deeds, bargain and sale deeds, and quitclaim deeds. Transfer Ownership to a TrustĪ quitclaim deed is highly practical for estate planning purposes and it can be used to transfer ownership into a trust for tax or personal reasons. This might be due to personal circumstances or (if the property is owned by a business or LLC) to make sure it is up to date with the current name of the entity that owns the property. If the owner’s name changes for any reason a quitclaim deed can be used to make the adjustments on it. This is useful to save time and costly fees on the legal processes necessary to update and adjust the recorded data on your property. If there is a defect in your title a quitclaim deed can be used to correct it. This can be very important if homestead rights exist in your state and you require the consent of your spouse to sell or transfer the property. This can make them a very effective tool to use following a marriage or divorce to update the information on the title. Quitclaim deeds can be utilized to add or remove names on a property’s title. This allows you to easily transfer your ownership rights to your children, a sibling, or another close member of your family if necessary. ![]() One of the most common reasons to use a quitclaim deed is to transfer property between members of the same family. Below we’ve detailed some of the most important reasons you should consider using a quitclaim deed. This article discusses the distinctions among these deed forms. The other deed forms are the special warranty deed, the bargain and sale deed, and the quitclaim deed. The warranty deed is the most commonly used in arm’s-length transactions. ![]() There are many situations where a quitclaim deed can prove useful for real estate owners looking to make changes to their property’s title. Since 1973, Oregon has recognized four statutory deed forms. ![]()
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