Monday, May 11, 2009

Types of Deeds in the State of Ohio

Thought you might be interested in knowing the different types of deeds in the State of Ohio. Always consults your legal counsel for questions regarding home ownership.
This information is provided by the law firm of WINKHART & RAMBACHER,
Attorneys at Law
825 South Main Street
North Canton, Ohio 44720
Phone: 330-433-6700
Fax: 330-433-6701


I. Types of Deeds used in Ohio

There are many different types of deeds in Ohio. They range from giving a buyer the most amount of protection against defects in title to the least amount of protection. If you are unsure what type of deed to use if you are buying or selling a piece of property, you should consult with an attorney.

a. General Warranty Deed – This is the most common type of deed in Ohio. The seller warrants the title to be free and clear of liens and encumbrances, except as otherwise provided for in the specific deed from seller to buyer. The seller takes responsibility for soundness of the entire chain of title, not just for the time period during which he/she owned the property. Although these warranties are desirable, title insurance has reduced their importance and offers the same sort of protection against defects in the chain of title.

b. Limited Warranty Deed – This type of deed is similar to the General Warranty Deed, except that the seller takes responsibility for soundness of title only for the time that he/she owned the property. He/she is not responsible for matters that happened prior to his/her acquisition. This type of deed may be used in connection with residential transactions but is more frequently used in connection with commercial transactions.

c. Quitclaim Deed – This type of deed conveys only whatever interest the seller owns or may own. There are no express or implied warranties. The buyer has no recourse as against the seller for defects in the chain of title.

d. Special Purpose Deeds – These types of deeds are used in connection with specific transactions, but their applications are limited. Examples of a special purpose deed include a Sheriff’s Deed, which is used in connection with a foreclosure, or an Executor’s Deed, which is used when property is sold out of an estate.

For any questions, please contact www.JuneHarvey.com

No comments:

Post a Comment