Deeds in Ohio Flashcards
general warranty
most common deed form in ohio
if just one grantee (buyer), the property passes upon death to heirs at law if no will (by ohios law of interstate succession) or pursuant to the terms of the will
if more than one grantee under general warranty
a tenancy in common is created by which each grantee owns a fractional undivided interest in the property. each grantee has equal share unless otherwise stated in the deed. upon the death of a grantee, that grantees interest passes to heirs at law or pursuant to the terms of the will
grantor (seller) gives warranties
of title except as stated in the deed, which should be identical to the exceptions found in the purchase agreement
some warranties include
a) that the grantor is rightfully seized of the property (i.e. grantor owns it)
b) that the grantor has an absolute right to convert the property free and clear of all liens and encumbrances except those stated and
c) that there are no party(s) with superior claim of title (grantees right to quiet enjoyment of the property)
although sellers warranties are desirable, title insurance
has reduced their importance. buyers and lender generally rely on title insurance to protect their investment. therefore, title insurance is also a benefit to the seller as it may reduce actual exposure if old title defects arise
limited warranty deed
similar to general warranty deed except the grantor warrants no breach of title has occurred during the grantors ownership
that is, no warranties are made as to defects in title that arose back int he chain of title prior to the grantor taking title
limited warranty deeds are often used
when corporations or relocation companies are selling the property and do not want to be held responsible for title problems arising back in the chain of title
warranty deed with right of survivorship
evidenced by language “for their joint lives and survivor of them”
creates a joint tenancy between 2 or more grantees
the grantees own an undivided interest in the whole
upon the death of one joint tenant, his interest passes in equal shares to the surviving joint tenants and an affidavit is filed in the county deed records to evidence the transfer
in a warranty deed with right of survivorship, the decedents interest
is not a probate asset, but is included in the estate for tax purposes
a conveyance by less than all of the joint tenants may not ultimately vest the new grantee with good title
where husband and wife are in title in survivorship
divorce terminates the survivorship tenancy and creates a tenancy in common between ex spouses unless the divorce decree specifically provides otherwise
estate by entirities deed
identical to the
