Do you know how property owners can hold title to real estate in Ohio? Selecting a type of deed is important for estate planning purposes. There are many options available when acquiring deeds to real property.
Estate Planning: Real Property Deeds
General Warranty Deed
Most Ohio real estate is transferred by general warranty deed, which gives the new owner fee simple title and guarantees its validity to the owner, heirs, assignees, and successors in interest. When more than one person takes ownership, the owners share a tenancy in common. Unless the deed says otherwise, each person owns an equal undivided interest in the real estate.
Joint & Survivorship Deed
When multiple individuals acquire real estate, they may use a joint and survivor deed as an estate planning tool. This deed form allows the property to pass to the remaining property holders without probate when one owner passes away. Once a certified death certificate is recorded, property title transfers to the surviving owner(s) automatically.
A quitclaim deed gives the new owner whatever the interest is that the previous owner holds. With this deed, the new owner does not receive any express or implied warranties and accepts the property as is.
Deed of Trust
Lenders making real estate loans receive deeds of trust. These deeds protect lenders’ interests if the property is sold or borrowers default on the loans.
Individuals in positions including guardians or trustees transfer real estate using fiduciary deeds. Often used in probate administration, these deeds state that fiduciaries are acting in their legal capacity and are authorized to transfer the property.
Based in Cincinnati, Ohio, experienced attorneys at The Law Offices of Katzman, Logan, Halper & Bennett provide area residents with wise counsel and effective representation in estate planning matters. Whether you need wills and trust preparation or probate administration, you can rely on their skill and professionalism. Contact these seasoned attorneys today to learn more. Call (513) 793-4400 to schedule your consultation appointment, and keep up with them on Facebook or Google+.