Bill Text: OR HB2527 | 2013 | Regular Session | Introduced

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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

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     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. + }
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