Common Deed Types in Ohio
General Warranty Deed-The seller guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the buyer, subject to any listed exceptions. The guarantee is not limited to the time the grantor owned the property – it extends back to the property’s origins.
Survivorship Warranty Deed – Provide the same warranties as a General Warranty Deed, but also assists in transferring title to property upon death of one person to another person without the need for probate proceedings.
Special Warranty Deed– The seller warrants or guarantees the title only against defects arising during the period of ownership. The seller makes no warranty against defects existing before the time of his or her ownership.
Quit Claim Deed– The owner of a piece of real property transfers his or her interest to a recipient. The owner terminates his right and claim to the property, thereby allowing claim to transfer to the recipient. This offers no warranty to the status of the title. Because of this lack of warranty, this deed’s most common uses are among family members transferring real property.
Fiduciary Deed-When a person is working solely for the interest of a third party, it is signed by the fiduciary instead of the owner of the property. Unless the fiduciary is explicitly permitted to sell the property by the decedant’s will, this type of deed generally requires court approval before it can be used, after which point it operates in the same manner as a Warranty Deed.
Sheriff’s Deed– A deed issued to the buyer of property that was sold under court order to pay off a debt at a sheriff’s sale. Most commonly seen in foreclosures of a mortgage.
Transfer on Death Designation Affidavit-The property owner(s) can execute this affidavit providing the name(s) of one or more beneficiaries who wiil acquire title to the property upon the death of the owner. If the named beneficiary does not survive the owners, then contingent beneficiaries may be named, none of which require probate intervention in order to take title.
Fee Simple and Fee Simple Absolute-Those have the same meaning and describe a typer of ownership, rather than a type of deed. It is the greatest possible ownership interest that can be held in real property, one in which the owner is entitled to use, occupy, benefit from, encumber, or dispose of the property as he sees fit, and which can be transferred by deed, left by will, or inherited. The rights associated with fee simple ownership are limited by government powers of taxation, zoning, and eminent domain, among others, and can also be subject to rights that have been voluntarily granted.