Introduction to Bargain and Sale Deed
A Bargain and Sale Deed is a legal document used to transfer property ownership from one individual to another. It conveys the grantor's interest in the property to the grantee and signifies the grantor has the right to convey the property but does not guarantee it is free from liens or other claims. This means that the grantor does not guarantee that the title is free of liens or other claims, making it essential for buyers to conduct due diligence before the transaction.
When to use this form
This form is typically used in various real estate transactions, including:
- Transferring ownership of residential properties between individuals
- Facilitating property sales where the seller does not wish to provide title guarantees
- Transferring property as part of a divorce settlement or estate settlement
Who typically uses Bargain and Sale Deed
This form is suitable for:
- Individuals selling or buying real estate
- Property owners transferring property to family members or friends
- Parties involved in divorce or estate settlements requiring property transfer
Structure of this document
The Bargain and Sale Deed includes several important sections, such as:
- Grantor and Grantee Information: Names and addresses of the individuals involved in the transaction.
- Property Description: A detailed legal description of the property being transferred.
- Consideration: The actual amount paid for the property, which must be stated.
- Signatures: The grantor's signature, along with acknowledgment by a notary public.
Tips for filling out the Bargain and Sale Deed
Follow these steps to accurately fill out the form:
- Identify the Parties: Enter the names and addresses of both the grantor (seller) and the grantee (buyer).
- Describe the Property: Provide a complete legal description of the property being transferred, often found in the title deed.
- State the Consideration: Indicate the amount paid for the property, which is required for legal validity.
- Sign the Deed: The grantor must sign the deed in the presence of a notary public, who will acknowledge the signature.
- Record the Deed: After signing, the completed deed should be filed with the appropriate county office to make the transfer official.
Guidelines for state-level use
This Bargain and Sale Deed is tailored for use in Oregon. It adheres to state laws, including specific requirements for property transfers, such as the necessity of notarization and the inclusion of a legal property description. Ensure that all state-specific guidelines are followed to validate the deed.
Benefits of completing the form online
Accessing the Bargain and Sale Deed online offers several advantages:
- Convenience: Download and complete the form at your own pace, from anywhere.
- Editability: Easily make changes or corrections before finalizing the document.
- Legal Reliability: The form is drafted by licensed attorneys, ensuring it meets legal standards.
