Legal Question in Real Estate Law in Oregon
Personal Representative Deed
What is the legal difference between transferring property in the form of a Statutory Warranty Deed and a Personal Representative Deed? I am purchasing a property which is in an estate (owner is deceased). The attorney for the estate ( court appointed) is requesting the property be transferred either with a bargain and sale deed or personal representative deed. I believe there is some exposure for the buyer but I am not sure what that is at this time??? I look forward to your response. Thank you.
1 Answer from Attorneys
Re: Personal Representative Deed
A statutory warranty deed means that the grantor (seller) is making warranties regarding the title of the property. A bargain and sale deed only indicates that the grantor has some kind of interest in the property and is transferring that interest. A personal representative's deed is the deed usually used by an estate to transfer the property. In giving a personal representative's deed, the personal representative is not personally making any warranties regarding the title of the property. It would be unusual for an estate attorney to have a personal representative give a statutory warranty deed.
If you are getting title insurance for the property, the title insurance should be your first line of protection to assure that you are receiving the title you bargained for. If you are not getting title insurance that is paid for by the seller, you should purchase it on your own to assure that you are getting clear, marketable title to the property you are buying.
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