Mentor Ohio real estate Lawyer
Serving Northeast Ohio
When dealing with real estate issues, it is important to understand the different forms of ownership an individual may have as well as the different types of deeds that can be utilized to convey said ownership.
Types of Ownership
Tenancy in Common
A Tenancy in Common is created when two or more individuals hold title to a property and does not require each owner’s share to be of equal value. As tenants in common, each owner has a right to their interest in the property. Each tenant, therefore, has a right to sell, transfer, or assign their interest in the property without the consent of the remaining co-tenants. Further, when one of the individual owners passes away, his or her interest in the property would pass to his or her heirs and not to the remaining tenants.
Joint Tenancy with Right of Survivorship
Joint Tenancy with Right of Survivorship is created when two or more individuals hold title to the property and each has an equal undivided interest in the property. As joint tenants, each owner cannot individually sell their interest in the property because each has an undivided full interest. As such, any sale, transfer, or assignment must be done by both parties. Further, as opposed to Tenancy in Common, when one of the owners passes away, his or her interest in the property would pass to the surviving owner. A deed conveying this type of ownership requires very specific language such as, “For their joint lives remainder to the survivor of them.”
Types of Deeds
General Warranty Deed
This is the most frequently used deed in Ohio. Through the use of this deed, a Seller conveys the property to a Buyer and the Buyer’s heirs. The Seller warrants and defends the Buyer and his or her heirs against any claims made by third-parties. The Seller’s warranties assure the Buyer that the property being sold is held under good title.
Limited Warranty Deed
As opposed to a General Warranty Deed, with a Limited Warranty Deed the Seller warrants title to the Buyer for the duration of time the Seller held the title. Here, the Seller is not assuming responsibility for issues with title prior to the time Seller became the owner of the property. This type of deed is commonly used in commercial transactions between corporations and/or other business entities.
Joint & Survivorship Deed
This type of deed is typically used for married couples or other individuals who are purchasing property together and wish for the entire property to be owned by whoever survives the other. Upon the death of one of the owners, their interest is not considered an asset of the deceased owner’s estate. Rather, title transfers to the survivor by recording an Affidavit of Survivorship with a death certificate.
Fiduciary Deeds are used when an individual is acting in his or her capacity as an Executor, Administrator, Guardian, Trustee, etc. to transfer property to a Buyer or entitled recipient. A fiduciary deed states that the Seller (Fiduciary) has the legal authority to transfer the property in their respective capacity.
Quit Claim Deed
A Quit Claim Deed is used when a Seller of real estate wishes to convey his or her interest in the property to the Buyer in an “as is” condition. As such, the Buyer is bearing the risk of assuming the property subject to any disputes, claims, or other issues it may have associated with it.
As opposed to the General Warranty Deed and the Limited Warranty Deed, with a Quit Claim Deed, the Seller is making no warranties to the Buyer, express or implied, regarding the property.
Contact Moseman Law Office, LLC
Whether you have found yourself in a real estate contract dispute, need assistance transferring title, or would like to know your rights as a co-owner to property, we can assist you in resolving these issues. The Mentor real estate attorney Heather Moseman at Moseman Law Office, LLC understands the complexities of real estate laws, and she can help you understand your options so you can make the best decisions for your situation. Contact us today and let us answer your real estate questions.
Moseman Law Office, LLC
Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving all of Northeast Ohio and providing personalized legal solutions to its clients.
Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832