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An owner who wants to add a co-owner to his property, will have to do so by way of creating a new deed altogether. This new deed must also be registered at the sub-registrars office, to attain a legal validity under the Transfer of Property Act.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
In Oregon, these forms of joint ownership are available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
In Oregon, these forms of joint ownership are available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
Key Takeaways. Some of the main benefits of joint tenancy include avoiding probate courts, sharing responsibility, and maintaining continuity. The primary pitfalls are the need for agreement, the potential for assets to be frozen, and loss of control over the distribution of assets after death.
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An Oregon general warranty deed is used to convey property in Oregon from an owner to a purchaser. This type of deed includes a guarantee from the seller that he or she owns the property, has the legal authority to sell the property, and that the property is free and clear of any undisclosed claims.
According to , a general warranty deed guarantees that: The grantor legally owns the property and has the legal right to transfer it. There are no outstanding mortgages, liens or other claims against the property by any creditor.
167 Or. 1 (1941). In the Erickson case, the Oregon Supreme Court found that the use of certain language ensured that unmarried people could create a right of survivorship despite the abolishment of joint tenancy estates by the General Laws of Oregon in 1862.
Since 1973, Oregon has recognized four statutory deed forms. The warranty deed is the most commonly used in arms-length transactions. The other deed forms are the special warranty deed, the bargain and sale deed, and the quitclaim deed.
To add a co-owner, a new deed has to be created, which must be registered at the sub-registrars office for it to be legal under the Transfer of Property Act. This can be done either by creating a sale deed or a gift deed.

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