Transfer of Title, Deeds, and Closing
A valid deed
Competent grantor, identifiable grantee, words of conveyance, adequate legal description, grantor's signature (acknowledged for recording in Oregon), and delivery with present intent to convey plus acceptance. Consideration is not required for validity. Delivery is the element most often tested: a deed locked in a drawer, with no intent to pass title now, conveys nothing.
Deed types
Oregon uses statutory forms. The statutory warranty deed is the broadest and contains title covenants. The statutory bargain and sale deed carries limited implied covenants. The statutory quitclaim conveys only whatever interest the grantor holds, with no warranty. Special warranty deeds are used in practice even though they are not statutory forms.
Title and closing
Understand chain of title, title insurance (owner's versus mortgagee's policy), and recording. Oregon is a race-notice state, so a later good-faith purchaser who records first prevails over an earlier unrecorded interest. Oregon closings run through escrow; funds must be good funds before disbursement and recording. Know prorations, the settlement statement, and the mechanics of a Section 1031 exchange.
Traps
Quitclaim versus warranty; recording does not cure forgery; a deed to a nonexistent or deceased grantee; confusing a contract to convey with a conveyance; assuming an unrecorded deed is invalid between the parties.
Rule of thumb: validity needs delivery, signature, and a description; recording only protects against later claimants.