Generally. Condominiums and townhomes are similar types of housing – almost. The condo owner (technically called the “unit owner”) does not own the entirety of the structure and land upon which it sits. Rather, ownership is indirect; that is, by virtue of the unit owner’s membership in the unit owners’ association, each is assigned a proportionate interest in the property. This is usually based upon the square footage that the unit bears to the total square footage of all units. Continue reading “Oregon Condo & Townhome Associations – Buyer Due Diligence Items”
Introduction. Sellers and buyers of residential property are frequently confused over what type of deed they should use in making a conveyance as a “grantor,” or accepting a conveyance as a “grantee.” There are four basic deed forms, the General Warranty Deed (or “Warranty Deed”), the Special Warranty Deed, the Bargain and Sale Deed, and the Quitclaim Deed. Each one has been codified in statute, meaning simply that if the deed is identified as one of the statutory forms, it automatically carries with it the level of buyer title protection defined in the applicable statute. These deeds, in regular non-statutory form [i.e. containing the full text of the applicable warranties, if any] or in statutory form [i.e. containing by implication, the protection afforded by the applicable statute] differ based upon the degree of title protection afforded the grantee, and the degree of exposure created for the grantor. In descending order of protection to the grantee, the statutory deed forms are as follows: Continue reading “Deed Forms in Oregon”
Introduction. For perhaps a large number of members in the Realtor® profession, the genesis of initial agency disclosure is unknown. It was first enacted in Oregon in 1993, and likely existed for the entirety of their careers. But I actually was around before agency disclosure as we know it today, so remember the transition well – however, I’d prefer to credit it to “institutional memory” rather than Father Time.
The purpose of agency disclosure is to require that real estate licensees clarify for their seller/buyer clients at the outset of the business relationship, the different forms of representation – i.e. representation of the seller only; the buyer only; or both seller and buyer. Continue reading “Oregon’s Initial Agency Disclosure Law”
OK, you’ve passed the introductory 101 course [here]. It’s time to discuss a few of the more esoteric aspects of title insurance. Part Two deals with the differences between various insurance policies, coverage tips, and some of the additional services provided by title companies.
The governing statutes are ORS 105.462 to 105.490. ORS 105.464 sets forth a form of disclosure statement that, subject to limited exceptions, all sellers of Oregon residential property must complete. The disclosure statement consists of 50+ questions about the property being offered for sale. The representations are not warranties; they are based upon the seller’s best knowledge. Continue reading “Oregon’s Seller Property Disclosure Law”
If you have never been involved in a boundary dispute you’ve been fortunate. Over the years, I’ve seen many, and the take-away is this: The principle of adverse possession, which is a well-established doctrine of the Common Law[1], can make enemies of neighbors. I’ve seen disputants spend more money fighting each other over a sliver of land than the land is actually worth. “It’s the principle.” Continue reading “Realtor® Alert: Understanding Adverse Possession”
Introduction. After a false start in 2012, the 2013 Oregon Legislature has just passed its “new, improved” version of what was generally known as the Mandatory Mediation Law. Besides tweaking various provisions in the prior law, SB 558 closed a loophole big enough that the Big Banks were able to drive their Foreclosure Bus through it. Until July, 2012, virtually all lenders, except Wells Fargo, were conducting their foreclosures non-judicially, i.e. outside the court room. With limited exceptions, the process, which is found in ORS 86.705 – 86.795, had been the sole method used for residential foreclosures in Oregon for the past fifty years. While lenders have always had the option to judicially foreclose Oregon homeowners who defaulted on their loans, it was rarely used. In fact, in 1959, when the trust deed law was enacted, it was the lenders that lobbied long and hard for it; they knew it was far faster and cheaper than going to court to foreclose. Continue reading “QUERIN LAW: SB 558 – Oregon’s New Mandatory Resolution Conference Law for Borrowers Facing Foreclosure (2013)”
Oregon homeowners dodged a big bullet late last month [April, 2013], when some at the state legislature sought to deprive them of the mortgage interest deduction [“MID”] on their state tax returns. See, my post here.
However, as long as we permit government to engage in profligate spending, the pols in Congress and the state legislatures will continue to find new ways to feed their tax and spend habit. So while the MID was a sacred cow not that many years ago – it’s been on the books since 1913 when the Code was first passed – today, with governments looking for ways to increase revenue [decreasing spending is apparently not an option – unless it occurs accidentally, like the Sequester], it is at risk of being taken away. So, you can be sure that further attacks on the MID are not far from the minds of those in government whose battle plan depends upon class warfare – just as certain pols depend upon class warfare to remain in office. Continue reading “QUERIN LAW: The Mortgage Interest Deduction”
The latest from http://www.protectoregonhomes.com/ this week:
“Thanks to your advocacy and efforts by the Oregon Association of REALTORS®, the attempt to raise taxes by $275 million through House Bill 2456-A was defeated earlier this afternoon.
Instead, the House of Representatives adopted the “Minority Report” carried by Representative Berger (R-Salem), which eliminates offshore tax havens and dedicates the savings to mental health programs. This adopted version of the legislation was offered as an alternative to the House leadership plan to raise taxes and does not include efforts to limit or eliminate itemized deductions for certain Oregonians.”
For more on this defeat, see this link in here.
Ever wondered whether the seller or buyer pays for title insurance in a residential transaction? What if the seller is selling on contract, where title is not conveyed until there is a full payoff? Is title insurance appropriate? What kind of policy should be ordered, and when? And what about escrow costs and recording fees – how are they shared? Do you know what kind of deed home sellers normally use to convey title in Oregon? Does it make a difference? Should it? There aren’t a lot of quick resources for these answers, since many have developed largely through custom and usage. In other words, you can’t go to a specific Oregon statute for a quick answer. Querin Law, LLC has developed an easy-to-use chart addressing these, and other, important issues. For more, go to the link here. Enjoy!
