|Types of Deeds|
The following section will provide you with brief definitions of some important terms you should understand regarding deed procedures.
The key is "warranty." The Seller warrants that there are no defects which will affect the marketability of the Buyer's title to the property, except for any items which are specifically stated in the Deed (examples of exceptions; easements, zoning ordinances, taxes not yet due and payable). Under the Ohio Revised Code, the words "with General Warranty Covenants" in the Deed are sufficient to make the Deed a Warranty Deed.
QUIT CLAIM DEED:
In this deed, the Seller makes no warranties as to the condition of the title. The Seller conveys to the purchaser only in the property whatever interest he may hold.
ESTATE BY THE ENTIRETIES:
The Estate by the Entireties is a form of ownership in which a husband and wife own property jointly, with rights of survivorship. As of April 4, 1985, this form of ownership was extinguished by statute, except for deeds filed prior to this date. The Estate By The Entireties gave limited protection against creditors. It also allowed the real estate, upon the death of one spouse, to pass automatically to the surviving spouse, outside of probate. The survivorship aspect can still be obtained by using the Survivorship Deed.
Like the Estate by the Entireties, when a property is transferred by a Survivorship Deed, it means that if one of the Buyers dies, the property will automatically transfer to the surviving owner, outside of probate. Unlike the Estate by the Entireties, the coowners of a parcel of property pursuant to a Survivorship Deed (the "survivorship tenants") need not be husband and wife. The Survivorship Deed, however, does not offer the same protection against creditors the Estate by the Entireties formerly did. Rather, a creditor of a "survivorship tenant" may, in certain circumstances, cause the parcel of property to be partitioned, and the creditor may force a sale of the debtor's interest in the land. A Survivorship Deed can be either a Warranty Deed or a Quit Claim Deed, depending upon its language.
EXECUTOR'S (OR ADMINISTRATOR'S) DEED:
These Deeds are used to convey property from a decedent's estate. They are treated as though they were Quit Claim Deeds, with one exception: The Executor (or Administrator) warrants that he/she has lawful authority to transfer the real estate.
A Sheriffs Deed is used to convey property sold by foreclosure. Sheriff's Deeds are treated as though they were Quit Claim Deeds.
EXECUTION OF DEEDS AND MORTGAGES
I. IF SIGNED IN OHIO:
II. IF SIGNED IN U.S.A. BUT NOT IN OHIO:
III. WHO MAY WITNESS (if applicable):
IV. WHO MAY BE A GRANTOR:
V. DESCRIPTION OF PROPERTY:
VI. EFFECT OF RECORDING:
NOTE: THE INFORMATION CONTAINED IN THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO TAKE THE PLACE OF A LEGAL OPINION. IF YOU HAVE ANY QUESTIONS ON THE INFORMATION CONTAINED IN THIS DOCUMENT, IT IS SUGGESTED THAT YOU CONTACT YOUR ATTORNEY FOR CLARIFICATION.
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