This form is a Quitclaim Deed where the grantors are husband and wife and the grantees are three individuals. Grantors convey and quitclaim the described property to grantee. This deed complies with all state statutory laws.
Oregon Quitclaim Deed - Husband and Wife to Three (3) Individuals
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State:
Oregon
Control #:
OR-022-77
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Word;
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How to fill out Oregon Quitclaim Deed - Husband And Wife To Three (3) Individuals?
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FAQ
It's usually a very straightforward transaction, but it's possible for a quitclaim deed to be challenged. If a quitclaim deed is challenged in court, the issue becomes whether the property was legally transferred and if the grantor had the legal right to transfer the property.
California married couples generally have three options to take title to their community (vs separate) property real estate: community property, joint tenancy or Community Property with Right of Survivorship. The latter coming into play in California July of 2001.
If the quitclaim deed requires the signature of all co-owners, the deed is invalid unless all co-owners have signed it and the deed is then delivered to the grantee.If one individual owns real estate and desires to add a co-owner such as a spouse, a quitclaim deed might be used.
In California, all property bought during the marriage with income that was earned during the marriage is deemed "community property." The law implies that both spouses own this property equally, regardless of which name is on the title deed.
In cases where a couple shares a home but only one spouse's name is on it, the home will not automatically pass to the surviving pass, if his or her name is not on the title.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
It's often easier to qualify for a joint mortgage, because both spouses can contribute income and assets to the application. However, if one spouse can qualify for a mortgage based on his own income and credit, the mortgage does not need to be in both spouses' names unless you live in a community property state.
The names on the mortgage show who's responsible for paying back the loan, while the title shows who owns the property. You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren't legally responsible for making mortgage payments.
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.