Property Ownership
In Oregon, what type of deed is most commonly used in a non-judicial foreclosure trustee's sale?
AWarranty deed
BTrustee's deed✓ Correct
CQuitclaim deed
DGrant deed
Explanation
After a non-judicial foreclosure trustee's sale in Oregon, the foreclosing trustee conveys the property to the winning bidder (often the lender if no outside bidders) using a trustee's deed. The trustee's deed provides no warranties — it conveys whatever interest the trustee held, and the buyer takes the property subject to any senior liens or encumbrances not eliminated by the foreclosure.
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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).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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