Bill Text: OR HB2527 | 2013 | Regular Session | Introduced
Bill Title: Relating to consideration for conveyance of real property.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2527 Detail]
Download: Oregon-2013-HB2527-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 1443 House Bill 2527 Sponsored by Representative HOLVEY (Presession filed.) SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Modifies definition of 'consideration' for purposes of conveyance of fee title. Requires disclosure of monetary value and description of other property or value offered as concession by seller. A BILL FOR AN ACT Relating to consideration for conveyance of real property; creating new provisions; and amending ORS 93.030. Be It Enacted by the People of the State of Oregon: SECTION 1. ORS 93.030 is amended to read: 93.030. (1) As used in this section, 'consideration ' includes the amount of cash { - and - } { + plus + } the amount of any lien, mortgage, contract, indebtedness or other encumbrance existing against the property to which the property remains subject or which the purchaser agrees to pay or assume { + , minus the amount or value of any concessions made by the seller + }. { - (2) All instruments conveying or contracting to convey fee title to any real estate, and all memoranda of such instruments, shall state on the face of the instruments the true and actual consideration paid for the transfer, stated in terms of dollars. However, if the actual consideration consists of or includes other property or other value given or promised, neither the monetary value nor a description of the other property or value need be stated so long as it is noted on the face of the instrument that other property or value was either part or the whole consideration. - } { - (3) The statement of consideration as required by subsection (2) of this section shall be made by a grantor or a grantee. Failure to make such statement does not invalidate the conveyance. - } { - (4) If the statement of consideration is in the body of the instrument preceding the signatures, execution of the instrument shall constitute a certification of the truth of the statement. If there is a separate statement of consideration on the face of the instrument, it shall be signed separately from the instrument, and such execution shall constitute a certification of the truth of the statement by the person signing. A particular form is not required for the statement so long as the requirements of this section are reasonably met. - } { - (5) An instrument conveying or contracting to convey fee title to any real estate or a memorandum of the instrument may not be accepted for recording by any county clerk or recording officer in this state unless the statement of consideration required by this section is included on the face of the instrument. - } { + (2) An instrument conveying, or contracting to convey, fee title to real estate and a memorandum of the instrument must state the true and actual consideration paid for the conveyance, stated in terms of dollars, on the face of the instrument and memorandum. If the true and actual consideration consists of or includes other property or other value given or promised, the monetary value and a description of the other property or value must also be stated. (3) A grantor or grantee shall make the statement of consideration required by subsection (2) of this section. Failure to make the statement does not invalidate the conveyance. (4) If the statement of consideration is in the body of the instrument or memorandum preceding the signatures, execution of the instrument or memorandum constitutes certification of the truth of the statement. If there is a separate statement of consideration on the face of the instrument or memorandum, the grantor and grantee shall sign the statement specifically and the execution constitutes certification of the truth of the statement by the person signing. A particular form is not required for the statement to meet the requirements of this section. (5) A county clerk may not accept for recording an instrument conveying, or contracting to convey, fee title to real estate or a memorandum of the instrument unless the statement of consideration required by this section is included on the face of the instrument or memorandum. + } (6) A transfer of death deed and an instrument revoking a transfer of death deed are not instruments subject to this section. SECTION 2. { + The amendments to ORS 93.030 by section 1 of this 2013 Act apply to instruments conveying, or contracting to convey, fee title to real property and memoranda of the instruments executed by grantors and grantees on or after the effective date of this 2013 Act. + } ----------