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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

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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


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