Oregon law allows an abbreviated procedure for handling small estates which may otherwise require a probate proceeding. See ORS 114.505 through 114.560.
This process is accomplished by filing an “Affidavit of Claiming Successor”, sometimes referred to as a small estate affidavit. An Affidavit of Claiming Successor may be filed if: 1. The estate has personal property that has fair market value of $75,000 or less, and/or 2. The estate has real property that has fair market value of $200,000 or less.
“Fair Market Value” is the value of the property on the open market (between unrelated parties), not reduced to reflect debts owed against the property.
“Real Property” is land or interests in land. “Personal Property” is all other property that is not real property, including contracts for the sale of real property, bank accounts, vehicles, etc.
Like all the other things in the world, real estate is governed by certain laws, and of course these are called real-estate laws. Nevertheless, to understand these laws fully, it is necessary to define real estate. So what exactly is real estate? R-E is a form of legal terminology that includes land and anything that is and can be permanently affixed to it such as buildings, fences, windmills and some types of wells. And it also holds true to those items that are attached to buildings, like plumbing, heating, and light fixtures. The properties not affixed are regarded as personal property.
Just like real estate however, this type of law represents a broad topic as well. If you are going to discuss it in a very simple way, real-estate law is only the law, rules, regulation and other legal matters that governed real estate. Real estate law entails things like owning real property, the typical restrictions imposed on owning real property, the common forms of property ownership and many others. As said earlier, it is very broad.
In this article, R-E will be discussed through the basics of the before mentioned acronym. The basics of the law include understanding real property, the ownership, the restrictions, and the forms of property ownership. The essentials points also discuss the topic regarding ownership of real estate. Understanding its foundational aspects, will certainly provide you with a good understanding of this article.
What is real property? True property is simply the estate. The real property is a term used interchangeably with real estate. Real estate also entails owning real property. What is owning real property about? Owning real property allows you the right to do with the land as you please aside from those subject to restrictions imposed by real estate law.
Owning a real property means you can do anything with it such as use it; give it away; sell or transfer it; use it for a collateral for loan; bequeath it to intended beneficiaries or let it sit where it is without doing anything to it. In other words, owning real property is having total rights on a land and no one can ever question you for it is yours.
In owning a real estate, some typical restrictions are being imposed by law. There are countless laws that restrict what you can do with the real property. It may be federal, state, county and local laws. The enforcement of these laws resides with the various agencies.The most common restrictions imposed by government are zoning. It is an environmental hazard, public easement, right of way.
If there are restrictions imposed, there are also forms of property ownership. These are joint tenancy; tenancy in the entirety; sole ownership; tenants in common and community property. In joint tenancy, two or more people own the property at the same time in equal shares. In tenancy in the entirety, some estates have especial form of a joint tenancy when the joints are husband and wife- with each owning one half.
In sole ownership, the property is owned entirely by one person. Two or more persons own common tenants’ property at the same time. Meanwhile, community property is only recognized in the estates. It is a special form of a joint tenancy between a wife and a husband, each owning one-half of their properties. Upon death, the decedent’s interest passes in a manner similar to tenants in common.
The basics of real estate are the best information needed in order to understand real estate law. With this basics information, although real estate is very broad, you have the capabilities of understanding it into its deeper sense.
In practical and legal terms, an affidavit is a legal document that has its own prominence. It simply enables a person to take declarations under oath. There are different types of affidavits that are used by the people as per their applications and purposes. This declaration is supposed to be perfectly legal and bears full authority. Most people use general affidavits that are designed to verify information/data or for certain court proceedings.
It is a necessary legal instrument that is authorized and helps in establishing or ascertaining the truth about a matter. People also use affidavits to support their statements or any other documents. Another type of affidavit is real Estate affidavit; these include declarations about title, ownership of the land or property, property estimates as well as appraisal of property.
Practically, the primary function of an affidavit is important for all legal transactions or where a legal declaration is eminent. It not only supports a person or his/her documents, but also makes it more useful for day to day court proceedings or transactions. Its significance can be seen in property transactions, ownership documents and many other different types of documents that seek legal support. It is a general type of sworn statement of fact that is required for court proceedings. It simply verifies someone’s document or statement for authenticity. This type of declaration is highly useful at the time of purchase, transfer, settlement, sell or during any transaction.
However, it should be noted that affidavit should be prepared only through an authorized notary agent (appointed by a government authority) or a person licensed by the government. They can administer statutory declarations, witness and authenticate the execution of documents or statements. Due to many cases of forgery, it should be considered as a serious matter and care should be exercised to avoid any risk. Only a public notary can make an affidavit to authorize statements or documents. The impact of affidavit is immense and can be easily misused by anyone.
Being highly crucial in nature, only certain authorized public notaries (common-law notaries) can prepare it. Therefore, signature, statements and documents its content should be re-checked for more safety. It is also crucial that the statement of truth, explain exactly what is intended to convey in a precise and clear cut manner. A special section, the attestation, should be checked for date and signature, etc.
Today, it is easy to obtain an affidavit form or lease agreement form or any other promissory note from the online legal directories. These legal directories offer all the mentioned legal forms totally free of cost. These directories not only provide all these legal documents, but also help to find a nearby attorney or notary.
A lot of times we come across people who seem to have a very negative opinion about real estate investments, they seem to think the smartest thing to do in life is to avoid all kinds of involvement with real estate. However there are people who seem to think otherwise, such people say there is no better business than real estate. One can’t help but wonder why such a difference in opinion? For obvious reasons people who are against real estate had a bad experience buying or selling property and those who are in favor of it had a good experience. If you are thinking about purchasing or offering up property on the open market, how do you make sure that your experience is smooth and trouble free? The answer to this question is simple and straight forward, consult real estate law firms.
Gone are those days when the only time you visit a law firm was when you were facing a life or death issue, nowadays law firms are being consulted for every trivial issue and the reason for this change is that people have finally realized that lawyers with their knowledge and experience can come up with more practical solutions to problems. Whether you are a business or an individual who is interested in making a transaction in real estate, you should visit one of the many real estate law firms.
Nowadays, the law firms are being consulted more often as the people are well aware about the cost benefits which can be gained through the help of a law attorney. The law attorneys focus completely and absolutely on the clients and what they want.
Benefits of consulting real estate law firm before buying a selling property include surety that the person you are selling to or buying property from is not a scam and the property is authentic. The lawyer you hire from real estate law firms performs the background check on the property, as well as the prospect buyer or seller and ensures that at the time of sale you will not face an inconvenience. Sometimes, the property is worth a large sum of money and the prospect buyer or seller promises to pay the total amount in installments, in such a case your hired lawyer will arrange for all the necessary paperwork and put in place all the arrangements that make sure that the payment will be made to you in the suture. Other than this, you can even take advice from the business lawyer regarding investing in areas where the taxes are low, or given your current income and saving plan what type of investment should you indulge in.
In the event of the death of a loved one, an estate affidavit on heirship is necessary for the transfer of certain property or to record in the land records. There are different laws that govern this form in different states in the US and one should consult the local law manuals when considering making an affidavit of heirship.
This form becomes necessary to state the heirs of the deceased person and is commonly used for establishment of who owns the personal and real property and it must also be recorded in the official land records, if it is deemed to be necessary. To cite an example, when a person dies and does not leave a will and has a son and no estate is opened and the son sells the land it becomes necessary for the son to get an affidavit of heirship to record with the deed. A point to note is that the person who executes the document should preferably be not an heir of the deceased or be interested in the estate. In addition, the affidavit statement needs to be notarized.
To further elaborate, the real estate affidavit on heirship is a means through which the surviving spouse and/or heirs and/or legatees of the deceased person are able to get title to the property of the deceased, whether real or otherwise.
In the most basic form, the real estate affidavit of heirship states under oath the parties in the document have a relationship, that is referred to as the affiant and the decedent and such relationship is mentioned in the form, thus stating how the decedent and affiant know one another. Further, the date of the death of the decedent is specified and the affiant will also answer certain questions that are based on the personal knowledge of the affiant. These may include specifying whether a will was left or not, and whether an administrator or executor had been appointed for the estate of the decedent.
The address or name of the widower or widow of decedent should be given and if the decedent had been married more than once the names of the former husband or wife should be also answered. In addition, all information relating to the children of the decedent should also be provided. Also, there should be information given regarding the decedent having any legally adopted children or step-children.
It is also necessary to state whether there is any inheritance tax due on the estate of the decedent or whether such inheritance tax has been paid on the estate. The affiant may also need to answer about the addresses and names of their surviving father, mother, sisters and brothers of the decedent. The affiant shall swear that the answers provided are true and fair to the best of his or her knowledge. Finally, the real estate ffidavit of heirship will be signed by a notary public.
The estate affidavit of heirship is readily available in the market and finding one should not pose any problem as there are many vendors who specialize in such documents and for a few dollars one may obtain a completely researched and well formed affidavit of heirship. You don’t need to do a lot of research and create one by yourself because some experts draft them and they are suited for all manner of use. Spending a few dollars, one could reap great benefits as there is plenty to be saved in terms of time, money and cost as well as being tailored to suit individual requirements.
The dollar amounts do not include any property that transfers without probate or the small estate procedure. Although this may not explain the Oregon Small Estate Affidavit completely if you have any questions concerning this legal matter do not hesitate to give us a call.