Prepare Legal Oregon Deed Of Trust Forms For Free

Virtually all voluntary liens secured by Oregon real estate are trust deeds and are therefore governed by the Oregon Trust Deed Act, ORS 86.705 ? 86.795, which has been in existence since 1959.

Note and Trust Deed. Oregon trust deeds are a statutorily recognized process for obtaining an interest in real property to secure an obligation for repayment of a loan ? usually, but not always ? a ?purchase money loan,? i.e. a loan used to purchase the subject property.

The Oregon Trust Deed Act was established in 1959 to make the foreclosure process easier and faster by not involving the courts. The Act allows the lender to file a trust deed, which assigns the deed to a third-party (trustee).

The lender must additionally record any assignment of the deed of trust and record any appointments of a successor trustee. Oregon has a one-action rule, meaning that lenders may not pursue both judicial and nonjudicial options for recovering their assets.

Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...

There are two basic types of Deeds of Trust, the Long Form and the Short Form. The Long Form, which could be 20-30 pages long, is the one used by institutional lenders. The Short Form is the one that is most usually prepared by your Escrow Officer.