Purpose of Bargain and Sale Deed
A Bargain and Sale Deed is a legal document used to transfer ownership of real estate from one party to another. This specific form is designed for individuals or couples acting as grantors, allowing them to convey their rights and interests in a property to grantees while signifying that the grantor has the right to convey the property. It typically does not include warranties regarding the title, meaning the grantor does not guarantee that the property is free from encumbrances or claims.
When this form may be needed
This form is commonly used in various scenarios, including:
- Transferring property ownership between family members or friends.
- Conveying property as part of a divorce settlement.
- Transferring property to a spouse or partner during marriage.
- Facilitating a sale where the seller does not wish to provide warranties on the property title.
Who can use Bargain and Sale Deed
This form is intended for:
- Individuals or couples looking to transfer real estate ownership.
- Property owners who want to convey their property without extensive legal obligations.
- Individuals involved in personal or family property transactions.
Required parts of the form
The Bargain and Sale Deed includes several important sections:
- Grantors and Grantees: Names and addresses of the individuals transferring and receiving the property.
- Property Description: A detailed legal description of the property being transferred.
- Consideration: The amount of money or value exchanged for the property.
- Signatures: Signatures of the grantors, often requiring notarization to validate the transfer.
Tips for completing the Bargain and Sale Deed
Follow these steps to complete the form:
- Identify the parties: Fill in the names and addresses of the grantors (the individuals transferring the property) and the grantees (the individuals receiving the property).
- Describe the property: Provide a detailed description of the property being conveyed, including its legal description.
- State the consideration: Indicate the amount of money or value exchanged for the property.
- Sign the deed: Both grantors must sign the document. Ensure that the signatures are notarized to comply with legal requirements.
- Record the deed: After signing, the deed should be recorded with the appropriate county office to finalize the transfer of ownership.
Guidelines for state-level use
This form adheres to the regulations specific to Oregon, including requirements for property descriptions and notarization. Users should ensure compliance with local laws regarding property transfers and consult local regulations if needed.
Complete this form from anywhere
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace from anywhere.
- Editability: Easily fill out the form using a computer, making corrections as needed.
- Legal reliability: The form is drafted by licensed attorneys, ensuring it meets legal standards.
