THERE ARE SEVERAL WAYS TO HOLD TITLE IN OREGON.
HERE ARE THE MOST COMMON WAYS TO HOLD VESTING IN REAL ESTATE.
Additional ways include:
Survivorship Estate
ORS 93.180 provides that two or more individuals may take title in a survivorship estate. For two people who are unmarried, the election of a survivorship estate must be stated expressly in the deed, e.g., John Doe, Fred Jones, and Mary May, each as to an undivided one-third interest with rights of survivorship.
Registered Domestic Partners
By reason of the Oregon Family Fairness Act, ORS 106.300 to 106.340, two persons of the same sex may register themselves in a domestic partnership, provided that neither person is married or registered in a
different domestic partnership. Two persons registered in an Oregon domestic partnership are afforded the same privileges, immunities, rights, and benefits afforded to married persons.
An Oregon domestic partnership couple may take title as tenants in common or with rights of survivorship, but should state their election expressly in their deed, e.g., John Doe and Fred Jones as tenants in common or John Doe and Fred Jones as Oregon registered domestic partners with the right of survivorship.
Entity
A recognized legal entity may hold title to real property in its legal name. Examples of legal entities include a general partnership, a limited partnership, a limited liability company and a corporation. (There are others besides these.) An entity should take title in its legal name as established in its state of origin.
Representative Capacity
Title to real property may be held by an individual or entity in a representative capacity, e.g., Mary May as Trustee of the Mary May Trust under Trust Agreement Dated January 1, 2015.
This information is provided for informational purposes only and it not intended to replace legal advice from your attorney or tax consultant.
