Upload
briana-fletcher
View
216
Download
0
Tags:
Embed Size (px)
Citation preview
2
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)
3
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
4
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
5
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
6
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
7
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
8
What Warranties Given by Grantor?
General Warranties
Limited Warranties
Fiduciary Warranties
No Warranties (Quitclaim)
G
L
F
Q
9
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)
10
Basic types of deeds
General Warranty
Deed
Limited Warranty
Deed
Fiduciary Deed
G L F
Each type has its own section of Ohio Revised Code, giving exact deed language required
11
Basic types of deeds
Survivorship Deed
(aka “J & S”)
Quitclaim Deed
J&S Q
Each type has its own section of Ohio Revised Code, giving exact deed language required
12
General Warranty Deed
Grantor covenants against all claimsCovenant = a promise that a fact is true or that an event will take place
R.C. 5302.05 defines general warranty deedR.C. 5302.06 defines covenantshttp://www.legislature.state.oh.us/laws.cfm http://dictionary.law.com/
G
13
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
14
Limited Warranty Deed
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
L
15
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
16
Fiduciary Deed
Used when executor, administrator, trustee, guardian, or other fiduciary transfers real property
R.C. 5302.09 Fiduciary Deed
R.C. 5302.10 Fiduciary Covenants
F
17
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
18
Quitclaim deed
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
Q
19
Joint & Survivorship Deed
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
J&S
20
Joint & Survivorship Deed
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
J&S
21
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
22
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
23
Preparation of an Ohio Deed
“grants” shows intent to convey real estateWarranty 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
24
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
25
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
26
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)