Ohio Real Estate Deeds

The Deed is a document that transfers title in real estate.  In the sale of a piece of property, the seller is the "grantor" and the buyer is the "grantee".  There are 6 statutory forms for deeds in Ohio.

• General Warranty Deed
• Limited Warranty Deed
• Quit Claim Deed
• Survivorship Tenancy
• Transfer on Death Deed
• Executor or Trustee Deed

The General Warranty Deed is used when the grantor will provide to the buyer warrantee promises that the grantor lawfully owns the property to be transferred, that the property is free from all encumbrances; that the grantor has good right to sell and convey the property, and that the grantor does warrant and will defend these statements of ownership forever, against the lawful claims and demands of any person.

So, a general warranty can be a pretty tall order.  They are the most desireable deed to have since you should get the protection of prior owners if there are any questions raised about your ownership of property.  This can mean that there has been some error or problem in the past which has caused some questions about who actually owns property.  If such title errors come up, past owners who transferred property with a general warranty deed can be called upon to defend against people who make a claim of ownership on property.

A limited warranty deed does the same thing, except the grantor only warrants against his or her own encumbrances, and not all encumbrances.  A grantor transferring with a limited warranty deed only promises to defend against claims that challenge that grantor's prior ownership of property.  A quit claim deed transfers property with no promises about the ownership of the property and no promises to defend against claims made on the ownership of the property.

Survivorship tenancy relates to the usual joint and survivor type of ownership that a husband and wife might have.  But, this is not a deed which only married couples can use.  Any 2 or more people can own property jointly, with rights of survivorship.  Thus, 2 sisters might own a house with a survivorship tenancy deed and when the first sister dies, the property is automatically (or rather, still) the property of the surviving sister.  Similarly, 2 friends might jointly own property and if one dies, the other becomes the sole owner.  And, this deed can be used by more than 2 people.  A group of people might own a house and they each have joint ownership with the others.  If any die, then the ownership of the deceased person goes to all the remaining owners in proportion to their ownership of the property.

A Transfer on Death deed is a relatively new form of transfer in Ohio.  It allows an owner to transfer property to another person (the beneficiary) directly, upon the death of the owner.  The beneficiary has no rights to the property at all, until the death of the owner.  This can be a very useful device for making efficient estate planning arrangements.

Finally, the Executor or Trustee Deed is used by a person who is the executor of a person's estate, or the trustee of a trust (among other fiduciary actions).  It is not so common in relative terms, but is necessary when dealing with an estate or with property held in trust.

I highly recommend that people speak with their attorney to determine how to best recognize their ownership of real property.  Our homes are typically one of our most valuable assets and represent a significant portion of our net worth.  It is important to get good advice on how best to manage our property.  Commonly, these issues are examined in a larger estate planning process.  But you don't have to have millions of dollars to justify making an estate plan.  It does require some thought about what you want to do, and who you want to benefit as time goes forward.  Even for most middle class individuals, this requires some thought and preparation to be sure you benefit from the available tools, such as the proper deed on your property.

Comments

[april holland]

I have a question reguarding trustee deeds
My husband and I are separated and without my
knowledge he purchased a
condominium the mortgage is
in his name and listing hims on the deed as the truste . Is this possible

[Connie]

I have a piece of land with a mobile home on it. My ex husband and his grandmother that was listed on it with me are now dead. I want to give this to my son. How do I do this and how much will it cost

[connie reynolds]

Dear Sirs, I am sending my information to area lawyers to help ease some of the financial crunch that is happening in our country right now. Please pass this information to anyone you think my service would benefit Thank You ,connie reynolds

Would You Like Cash For Your Monthly Payments?

Are you receiving payments on a private loan? Would you rather have cash now? If you're receiving payments on any type real estate note, promissory note or private loan, we can help!

Get cash now!

Connie Reynolds is a specialist in getting people cash for real estate notes of all kinds.

It's Quick

It's Easy

It's 100% Secure

And You Could Receive Cash in Days!

We work with buyers who are standing by, waiting to make estimates on your note. So whether you'd like to cash out or you'd like to assist your clients in a cash out, we are here to help.

To receive a free consultation on your note, Visit me on the Web at cash4cashflows.com/sreynolds9 please select the "Sell Your Note" link.

If you have any questions Connie Reynolds can be reached at 330-484-6077 or 330-284-6736

[John beck]

This Is a very informative blog , I am really pleased to post my comment on this blog . It helped me with ocean of knowledge so I really belive you will do much better in the future . Good job web master .
http://www.taxforeclosurecurrentevents.com

[Tim Donahue]

I want you to be aware of some very nice properties in good locations I am representing that are being offered for an average of 70%-80% off.

I know this may sound too good to be true, but this is real and can be fully verified. These properties are NOT available in the MLS and very few investors know about them at this time.

No list to buy or some class or program to pay for, just real decent homes at big discounts for a limited time, and while they last.

For example, an average price for a renovated 3 bedroom 1,500- 1,800 square foot home is only around $25,000. You can also select properties that may need some work for as little as $10,000- $15,000.

You can buy them with qualified tenants already in them, or resell them to a large database of eager first time buyers for a nice profit. Complete rental property management services can be provided for a small fee if needed.

Very generous referral fees being offered to a limited number of licensed agents that help promote these properties with me.

This is by far one of the best opportunities I have found in my 25 + years in real estate.

There are also duplexes, apartment buildings and commercial properties located around the country at pennies on the dollar.

The properties are all hand selected and inspected by licensed inspectors for best future value. No bad locations, just family friendly neighborhoods with strong demand for rental or resale. You can select from many areas around the country.

Here’s how they can be offered to you at such a great price…

The client I represent has exclusive access to several major banks, buys in large bulk orders of a 100 homes or more at one time for cash, clears the tile, completes any needed repairs, and then resells to investors at a small profit. My Real Estate fee is paid by the seller. You pay me ZERO.

The few Investors that have learned of these homes thus far are buying several at a time, and holding them as rentals with nice positive cash flow. The investors that are reselling them are doing so at an average of $70,000. Some properties have sold recently for over $100,000. No minimum to buy to get started.

References from actual buyers are available, and everything is fully disclosed in advance.

Please call me at 404-408-7552 and I will answer all of your questions.

I can also register you if you wish at NO COST or OBLIGATION to attend one of our upcoming web-cast. No high pressure sales, just free info to help you see the great potential in these properties.

I NEVER sell or share your info once your register, and will NOT spam or call you over and over to move forward.

Opportunities such as these are very rare and will not last long.

The process is simple to understand and you are 100% protected with a full review period of the homes you select, inspection reports, area data and comps. All closings are conducted by real estate law firms to assure you of a clean marketable title and properly recorded documents and warranty deed.

Prices like these only happen once in a lifetime. I invite you to learn more by calling me.

As Mark Twain once wrote…

“Don’t wait to buy real estate, buy real estate and wait”

You may also email me at: [email protected]

Take care, and than you for your time,

Tim Donahue
Licensed Real Estate Broker
President and CEO
Donahue Real Estate Services, LLC

[estate lawyers]

In order to find real estate lawyersthe clients can visit the law offices. These real state lawyers are very helpful in providing the legal help related to the property dealing. These real state attorneys are supportive in making it safer deal. Attorneys have several years of experience in dealing such cases.

http://www.lawyersindemand.com/

[lucas law center]

Hello! It is enough helpful information. Thanks for this post you provided and very informative.

LLCS
http://www.lucaslawcentersite.com/

[Mary Hoff]

My Mom owns her home in Ohio with a small mortgage and a small home equity loan. She has committed to living in NC near me, and is renting an apartment. Our family has agreed that my brother who owns a home in Ohio with a larger mortgage (it is up for sale) will get my Mom's home. Should she sell it to him now, and if so, what are the benefits? or should she just keep the transfer on death deed which she has right now. What would be most beneficial to my Mom and my brother? She does not care about making money on it or living in it ever again. We all just want my brother to have the home with the least hassle.

[Account Deleted]

Thanks for such nice informative post! It is giving the information about the Ohio real estate deeds. After visiting this site, people will aware with the situation when different deed used and various terms and conditions. People, who are looking for residential or commercial property in India can visit this site or can call at 800-232-2343 or 0120-4338222 for any query or detail about the price payment plans or location etc.

http://www.ncrdealer.com/

[Alanna]

Thank you very much for your article. I can recommend you rapidshare search engine ( http://www.filecatch.com/trends/at/24-09-2010.html ), which personally I use for quite a long time.

[chanel bags]

Nice post! Your article is full of guider wisdom and really constructive. Thank you for sharing with more bloggers.

[coach outlet]

I checked out this site and kind of love it I would love for more photos of the boroughs and northern Manhattan Anyone got em?

[Cheap ugg bailey button]

Yes. Look! Improves your ability to create nice looking objects and graphics.We have a nice picture.What a nice little book!In fact, they are very nice souvenirs.It would be nice to have less homework.

[Air Jordan Shoes]

Civilization, the promotion and popularization of etiquette, but also in addressing these imperfect, imperfect realization of the process.

[coach outlet]

I agree with you . In it something is. Now all became clear, I thank for the help and I hope to see more such articles.

[coach outlet]

I agree with you . In it something is. Now all became clear, I thank for the help and I hope to see more such articles.

[long island payroll]

What are the ways to promote your real estate business without investment or little investment?

[Discount Uggs]

Love.love.love.

[Steven B Dodge]

Hello,

Ive heard that investing in tax deeds through the mail is profitable. I just want to know how much money is needed to start and what states and the county are really good investments.

Thanks,
Jackson
Steven B Dodge

[Generic Cialis]

Hola,
Ha hecho un trabajo muy bueno. Hay muchas personas en busca de eso ahora van a encontrar suficientes fuentes por tus consejos, Careprost
espera para obtener más consejos acerca de que

[True Religion Outlet]

A limited warranty deed does the same thing, except the grantor only warrants against his or her own encumbrances, and not all encumbrances. A grantor transferring with a limited warranty deed only promises to defend against claims that challenge that grantor's prior ownership of property. A quit claim deed transfers property with no promises about the ownership of the property and no promises to defend against claims made on the ownership of the property.

[ズファジラン]

grea post i like it

[Air Jordan Retro]

Success does not come by luck but through specific actions on our parts.

[Generic Cordarone]

Hola,Ha hecho un trabajo muy bueno. Hay muchas personas en busca de eso ahora van a encontrar suficientes fuentes por tus consejos.espera para obtener más consejos acerca de que

[Networking solutions]

This is really interesting, You're a very skilled blogger. I've joined your feed and look forward to seeking more of your wonderful post. Also, I have shared your site in my social networks!