Dear tabularasa-ga;
Thank you for allowing me an opportunity to answer your interesting
question. A Quitclaim Deed is a form used to transfer ownership the
seller may have in real estate to the buyer, but does not guarantee
there are no other claims against the property. The grantor of a
quitclaim deed makes no representation or warranty of title. What this
essentially represents is a notarized affidavit attesting to the fact
that the current ?owner? has ?quit?, a legal term meaning that he has
formally relinquished his legal right to ?claim? any further interest
in the property, and transfers this right to claim ownership to the
new owner, the person to whom the Quitclaim Deed so names.
The quitclaim deed accomplishes a simple conveyance of the grantor's
ownership interests or claims to ownership interest. Otherwise it
offers no guarantee that the grantor actually possesses any ownership
interest, let alone has the ability to convey title. In fact, the
quitclaim normally only conveys the grantor's current interest, if
any, and not the property itself. If you have obtained a quitclaim
deed you may own some interest in the property but you may not legally
own the property outright at all.
A warranty Deed, on the other hand, a deed in which the grantor fully
warrants good clear title to the property, offers the greatest
protection of any deed because it assures the new owner that there are
no other claims (like liens, adverse possession, bankruptcy claims,
divorce proceedings, probate claims, etc) against the property. With a
warranty deed the new owner walks away knowing that he not only owns
an interest in the property but he actually owns the property outright
without shared ownership or shared claim.
Having defined those for you, it should be noted that whatever type of
deed you have, in order for you to be covered to protect yourself from
future claims on the title, you should record the deed at the County
Courthouse in the jurisdiction where the property conveyed is located.
The recorder will then index and transcribe the deed in the public
records and it will be available for anyone to see. "Constructive
notice" is said to be given once the deed is recorded and this will
serve as a public notice to all potential claimants that they should
come forward if they have any claims. This begins the process to
protect your interests as a ?good faith purchaser? under Oregon Law
(Oregon Revised Statutes - 93.865 Quitclaim deed form)
?(3) A grantee taking title by way of a quitclaim deed shall not,
merely because of receipt of title by or through such a deed, be
denied the status of a good faith purchaser for value. [1973 c.194 §4;
1999 c.214 §4]?
OREGON REVISED STATUTES
Chapter 93 ? Conveyancing and Recording
http://www.leg.state.or.us/ors/093.html
Or cached version
http://216.109.117.135/search/cache?p=%22Quitclaim+deed%22+oregon+%22good+faith+purchaser%22&ei=UTF-8&fl=0&u=www.leg.state.or.us/ors/093.html&w=%22quitclaim+deed%22+oregon+%22good+faith+purchaser%22&d=EED524CD15&icp=1&.intl=us
Many times a quitclaim deed is enough to establish legal ownership
when no other problematic issues arise, but in the event that they do
- in answer to your question, ?What else do I need to do?? - you
should defintely have the deed and subsequent transfer recorded in
Klamath County as soon as possible.
Below you will find that I have carefully defined my search strategy
for you in the event that you need to search for more information. By
following the same type of searches that I did you may be able to
enhance the research I have provided even further. I hope you find
that my research exceeds your expectations. If you have any questions
about my research please post a clarification request prior to rating
the answer. Otherwise, I welcome your rating and your final comments
and I look forward to working with you again in the near future. Thank
you for bringing your question to us.
Best regards;
Tutuzdad ? Google Answers Researcher
INFORMATION SOURCES
MUST I RECORD MY DEED?
http://www.escrowhelp.com/articles/19990910.html
OREGON REVISED STATUTES
Chapter 93 ? Conveyancing and Recording
http://www.leg.state.or.us/ors/093.html
SEARCH STRATEGY
SEARCH ENGINES USED:
Google ://www.google.com
SEARCH TERMS USED:
OREGON
QUITCLAIM DEED
WARRANTY DEED
PROTECT
INTERESTS
RECORDING
CONVEY
OREGON REVISED STATUTES |
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