deeds
Download
Skip this Video
Download Presentation
Deeds

Loading in 2 Seconds...

play fullscreen
1 / 27

Deeds - PowerPoint PPT Presentation


  • 119 Views
  • Uploaded on

Deeds. Real Estate I Mike Brigner, J.D. Some Basic Questions. What is the difference between TITLE to property & DEED to property? A recorded deed & an unrecorded deed? How many ways can interests in real estate be transferred? Deed - Mortgage - Lien – Assessment - Lease

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Deeds' - madaline-giles


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
deeds

Deeds

Real Estate I

Mike Brigner, J.D.

some basic questions
Some Basic Questions
  • What is the difference between
    • TITLE to property & DEED to property?
    • A recorded deed & an unrecorded deed?
  • How many ways can interests in real estate be transferred?
    • Deed - Mortgage - Lien – Assessment - Lease
    • Adverse Possession - Dower - Bankruptcy
    • Easement by Affidavit or Prescription (use)
basic deed requirements
Basic Deed Requirements
  • Definition: A deed is a legal instrument for the conveyance of real property
  • All deeds must be in writing (Statute of Frauds)
  • Grantor = transferor
  • Grantee = transferee
  • Grantor competent

Deed

My Red House

To Sue Grantee

Signed,

Myrtle Grantor

basic deed requirements1
Basic Deed Requirements
  • Grantor must state intent to transfer real estate, by using words of conveyance – “grant, convey, assign, give”
  • Ohio uses “grant”
  • Legal description of the property
  • Consideration - but amount not necessary

Deed

My Red House

To Sue Grantee

Signed,

Myrtle Grantor

basic deed requirements2
Basic Deed Requirements
  • What interest exactly is granted by Grantor?
  • What warranties are given by Grantor?
  • How is property to be owned by Grantees?
  • Properly executed, as follows:

Deed

My Red House

To Sue Grantee

Signed,

Myrtle Grantor

basic deed requirements3
Basic Deed Requirements
  • Signed by the grantor
  • Signature notarized
  • Witnessed - TWO witnesses required until 2002. Now, NO witnesses required.
  • Delivery by grantor
  • Acceptance by grantee

Deed

My Red House

To Sue Grantee

Signed,

Myrtle Grantor

interest or estate granted
Interest (or “Estate”) Granted
  • Full ownership forever w/o conditions
    • = Deed in fee simple absolute
    • Unless deed says otherwise, full ownership
  • Full ownership with conditions
    • “No development”, or “Lake to be maintained”
  • Life estate – Can be for life of Grantor, life of Grantee, or life of a third party
what warranties given by grantor
What Warranties Given by Grantor?

G

  • General Warranties
  • Limited Warranties
  • Fiduciary Warranties
  • No Warranties (Quitclaim)

L

F

Q

how will property be owned by grantee
How Will Property Be Owned by Grantee?
  • Individually – sole ownership
  • Tenants in Common – each grantee owns a share, & can sell or bequeath that share
  • Joint with Rights of Survivorship (J&S) – each grantee owns all & if one dies, his interest passes automatically to the survivor(s)
basic types of deeds
Basic types of deeds

L

F

G

Each type has its own section of Ohio Revised Code, giving exact deed language required

basic types of deeds1
Basic types of deeds

J&S

Q

Each type has its own section of Ohio Revised Code, giving exact deed language required

general warranty deed
General Warranty Deed

G

  • Grantor covenants against all claims
  • Covenant = a promise that a fact is true or that an event will take place
  • R.C. 5302.05 defines general warranty deed
  • R.C. 5302.06 defines covenants
  • http://www.legislature.state.oh.us/laws.cfm
  • http://dictionary.law.com/
covenants in general warranty deed
Covenants in General Warranty Deed
  • By using deed words “with General Warranty Covenants”, Grantor gives:
    • 1. covenant of seisin
    • 2. covenant of right to convey
    • 3. covenant against encumbrances
    • 4. covenant of further assurances
    • 5. covenants of quiet enjoyment and warranty
limited warranty deed
Limited Warranty Deed

L

  • Grantor covenants only against the lawful claims of people claiming by, through or under the grantor
  • R.C. 5302.07 Limited warranty deed
  • R.C. 5302.08 Limited covenants
covenants in limited warranty deed
Covenants in Limited Warranty Deed
  • By using deed words “with Limited Warranty Covenants”, Grantor gives:
    • 1. Covenant against encumbrances created by the grantor only
      • If grantor had put (for example) an easement on the land, grantor liable
      • If someone prior to the grantor had placed an easement on the property, grantor not liable
fiduciary deed
Fiduciary Deed

F

  • Used when executor, administrator, trustee, guardian, or other fiduciary transfers real property
  • R.C. 5302.09 Fiduciary Deed
  • R.C. 5302.10 Fiduciary Covenants
covenants in fiduciary deed
Covenants in Fiduciary Deed
  • By using deed words “with Fiduciary Covenants”, Grantor warrants:
    • 1. that the fiduciary was properly appointed
    • 2. that fiduciary has legal authority to sell the property
    • 3. that fiduciary has complied with all other legal aspects of sale
    • 4. that fiduciary has done nothing to encumber the land
quitclaim deed
Quitclaim deed

Q

  • Transfers only the interest the grantor has in the land and not the land itself
  • No covenants or warranties
  • Used as deed in lieu of foreclosure
  • Clears up dower problems
  • R.C. 5302.11 Quitclaim Deed Form
joint survivorship deed
Joint & Survivorship Deed

J&S

  • Grantees acquire joint ownership of property with right of survivorship
  • If one dies, decedent’s interest in property passes automatically to survivor
    • No deed required at death, but
    • Affidavit as to death, & including legal description, must be filed at Recorder’s
  • R.C. 5302.17 Survivorship deed form
joint survivorship deed1
Joint & Survivorship Deed

J&S

  • Remember that “J&S” is just the way the Grantees choose to own the property
  • J&S deed form says Grantees take property “for their joint lives, remainder to the survivor of them,”
  • (J&S deed form also says Grantors give with General Warranty Covenants)
  • J&S language can be added to any other type of deed, G, L, F, Q
distinguish
Distinguish
  • Warranties are what GRANTOR gives
  • Form of ownership is what GRANTEE gets
  • So we can have:
    • Gen. Warranty Deed that includes J&S rights
    • Fiduciary Deed that includes J&S rights
  • OR
    • Ltd. Warranty Deed to individual
    • Ltd. Warranty Deed to Tenants in Common
preparation of an ohio deed
Preparation of an Ohio Deed
  • Accuracy in all details!
  • “Grantor”
    • Grantor’s marital status REQUIRED
    • If name has changed since acquiring, state “fka” – further known as
    • If corporation, partnership, state status
  • “of Montgomery County, Ohio”
  • “for valuable consideration paid” – amount not needed
preparation of an ohio deed1
Preparation of an Ohio Deed
  • “grants” shows intent to convey real estate
  • Warranty clause, such as “with general warranty covenants”
    • By using correct Ohio form, shows what warranties grantor intends to be obligated to
    • Or, if Quitclaim, intent to give no warranties
  • Any limitations or conditions on type of estate being transferred, such as a life estate
  • “Grantee” name. Marital status not required
preparation of an ohio deed2
Preparation of an Ohio Deed
  • How property is to be owned by grantees
    • Individually (no special words needed)
    • “As Tenants in Common”
    • “for their joint lives, remainder to the survivor of them,”
  • “Whose tax mailing address is. . . .”
    • Deed cannot be recorded without information as to where to send tax bills
preparation of a deed
Preparation of a Deed
  • Property Description
    • Metes & bounds description, or
    • Lot number (Shortcut. Somewhere a metes & bounds description is recorded for every lot)
    • Every lot number includes words & numbers
  • Prior Instrument Reference – mandatory
    • The Volume/Page or Microfiche # “of the Deed Records of Montgomery County, Ohio”
    • This tells how grantor obtained ownership
preparation of a deed1
Preparation of a Deed
  • Name of spouse, if waiving dower, with waiver language
  • Execution part of the deed
    • Executed this ___ day of __, 2008
    • Each grantor’s signature, name typed beneath
    • Spouse’s signature, if waiving dower rights
    • Acknowledgment – notary clause
    • No witnesses now required in Ohio
    • This deed prepared by (attorney or grantor)
deeds1

Deeds

Concluded Thank you

Mike Brigner

ad