Property Ownership
In Oregon, property transferred by a grantor to a grantee passes at the time of:
ASigning the deed
BRecording the deed
CDelivery and acceptance of the deed✓ Correct
DPayment of the purchase price
Explanation
In Oregon and under general real estate law, title passes when the deed is delivered to and accepted by the grantee. Recording is not required for transfer between the parties but is necessary to provide constructive notice and protect against subsequent purchasers.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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