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| "Transfer on Death" Designation Affidavit | |
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The TOD Designation Affidavit is executed and recorded to put on record who the beneficiaries will be upon death of the owner.
- The TOD Designation Affidavit may contain contingent beneficiaries.
- In order for the TOD Designation Affidavit to be effective, it must be recorded prior to the death of the owner.
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| General Warranty Deed | |
- Most frequently used type of deed in Ohio. Conveyance of real estate by grantor in fee simple to grantee, his/her heirs, assigns and successors. Grantor warrants and will defend the grantee, his/her heirs, assigns and successors, forever, against the lawful claims and demands of others.
- Conveyance to more than one creates a "tenancy-in-common" relationship among the owners, which means that each owner owns an "undivided" interest in the property unless otherwise stated by specific language to be a "survivorship" deed.
- Sellers' warranties are desirable, but title insurance has reduced their importance. Reliance on title insurance is a benefit to the seller as it may reduce actual exposure if old title defects arise.
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| Joint & Survivorship Deed | | |
Creating Tenants in Common with Right of Survivorship
- Used when 2 or more persons are buyers.
- Upon death of one of the owners, their interest is not considered an asset of the estate and title automatically transfers to the survivor (s).
- Survivorship language may be combined with any other type of deed (i.e. Warranty, Quit-Claim, Fiduciary, etc.).
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| Limited Warranty Deed | |
- Seller/Grantor warrants title to buyer/grantee only as to the time period that it held title. Seller is not responsible for matters pervious to seller's acquisition.
- Most commonly used in commercial transactions, between corporations or other business entities. Seller and buyer agree to rely on title insurance for protection but require seller to account, if necessary, for matters occurring during seller's ownership.
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| Fiduciary Deeds | |
- Conveyance of real property made by an Executor, Administrator, Guardian, Trustee, etc. to the grantee.
- Fiduciary deed states that the grantor has the legal authority to transfer the property as an Executor, Administrator, Guardian, Trustee, etc.
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| Quit-Claim Deeds | |
- Conveyance of real estate in fee simple of whatever interest the seller owns or may own.
- Grantee takes property "as is" and no warranties are expressed or implied.
- If more than one grantee is on the deed, a
"tenancy-in-common" is created.
- Title Insurance is advisable whenever the grantee accepts title by Quit-Claim Deed.
Please consult an attorney for further advice or preparation of any deed. |
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