If you are buying or selling real estate, hopefully your transaction includes title insurance. Title insurance effectively protects both parties to the transaction by offering the buyer a source for recovery other than the seller if the condition of title is discovered to be other than as contemplated by the parties. This blog provides a…
SB 879 Eases Rules on Seller-Financing of Residential Property Read More...
U.S. Supreme Court Says 2nd Mortgages on Underwater Homes Cannot be Voided in Bankruptcy Read More...
Transactions Involving Residential Mortgages Read More...
Authored by John Sorlie Read More...
The Federal Government’s TARP program has provided the State of
Oregon almost $100 million to fund the Hardest Hit Fund which is
intended to assist homeowners and avoid foreclosures. The Oregon Housing
and Community Services agency administers the Hardest Hit Fund
programs. Read More...
The Oregon Legislature recently passed a new law that allows an owner
of real property to name a person to receive the property upon the
owner’s death by signing a Transfer on Death Deed. The deed only becomes
effective to transfer the property at the owner’s death, so the owner
will continue to own the property during the owner’s life. During the
owner’s lifetime, the owner can change the beneficiary or revoke the
deed. The owner remains able to sell the property, in which event the
Transfer on Death Deed would automatically be revoked as to the property
that was sold. For the deed to be effective, it must be designated as a
Transfer on Death Deed, it must identify a beneficiary by name, and it
must be recorded in the deed records of the County Clerk in the County
where the property is located before the owner’s death. Read More...
The Oregon Court of Appeals recently issued a ruling that residential
eviction notices must specify the date and time of the termination of
the tenancy. In Greenway v. Parlanti, 245 Or. App. 144, 261
P.3d 69 (2011), the landlord provided tenant with a 24-hour eviction
notice after receiving threats of violence from the tenant’s son. The
notice indicated that the tenancy would end 24 hours from the time of
personal service of the notice on the tenant. The time the notice was
served was included with the served notice. After the trial court judge
found in favor of the landlord, the Oregon Court of Appeals reversed
finding that the applicable statute (ORS 90.396(1)) requires that the
specific date and time of the termination of the tenancy be included in
the notice. Rather than “24 hours from the time listed below,” the
landlord needed to specifically identify the termination time on the
following day. The court also reasoned that because service of eviction
notices can be made in a number of ways, including mailing, ruling
otherwise would, in certain circumstances, force the tenant to guess
when the termination became effective. To avoid uncertainty when
serving residential eviction notices, landlords can identify a specific
time and date that provides more notice than is required. For example, a
72-hour residential eviction notice served at 9am on Tuesday, November
1, 2011 could indicate a termination date and time of 12:00 pm (noon) on
Friday, November 4, 2011, despite that the termination time could be a
little earlier that day. Read More...