Escrow & Title
In Oregon, title to real property passes at the moment of:
ASigning the purchase contract
BDelivery and acceptance of the deed✓ Correct
CRecording the deed
DPayment of the purchase price
Explanation
Title to real property passes when a properly executed deed is delivered to and accepted by the grantee. Recording protects the buyer's interest against third parties by providing constructive notice, but the actual transfer of title occurs at delivery and acceptance.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
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