Presentation on theme: "Deeds - PAR 131 Real Estate I Mike Brigner, J.D."— Presentation transcript:
1 Deeds - PAR 131 Real Estate I Mike Brigner, J.D.
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 - LeaseAdverse Possession - Dower - BankruptcyEasement by Affidavit or Prescription (use)
3 Basic Deed Requirements Definition: A deed is a legal instrument for the conveyance of real propertyAll deeds must be in writing (Statute of Frauds)Grantor = transferorGrantee = transfereeGrantor competentDeedMy Red HouseTo Sue GranteeSigned,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 propertyConsideration - but amount not necessaryDeedMy Red HouseTo Sue GranteeSigned,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:DeedMy Red HouseTo Sue GranteeSigned,Myrtle Grantor
6 Basic Deed Requirements Signed by the grantorSignature notarizedWitnessed - TWO witnesses required until Now, NO witnesses required.Delivery by grantorAcceptance by granteeDeedMy Red HouseTo Sue GranteeSigned,Myrtle Grantor
7 Interest (or “Estate”) Granted Full ownership forever w/o conditions= Deed in fee simple absoluteUnless deed says otherwise, full ownershipFull 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 WarrantiesLimited WarrantiesFiduciary WarrantiesNo Warranties (Quitclaim)LFQ
9 How Will Property Be Owned by Grantee? Individually – sole ownershipTenants in Common – each grantee owns a share, & can sell or bequeath that shareJoint with Rights of Survivorship (J&S) – each grantee owns all & if one dies, his interest passes automatically to the survivor(s)
10 L F G Basic types of deeds Each type has its own section of Ohio Revised Code, giving exact deed language required
11 J&S Q Basic types of deeds Each type has its own section of Ohio Revised Code, giving exact deed language required
12 General Warranty Deed G Grantor covenants against all claims Covenant = a promise that a fact is true or that an event will take placeR.C defines general warranty deedR.C defines covenants
13 Covenants in General Warranty Deed Deeds - PAR 131Covenants in General Warranty DeedBy using deed words “with General Warranty Covenants”, Grantor gives:1. covenant of seisin2. covenant of right to convey3. covenant against encumbrances4. covenant of further assurances5. covenants of quiet enjoyment and warranty1. covenant of seisin: means the right to possessiona. grantor warrants that he has possession of the land being transferredb. grantor warrants that he has ownershipc. from 1066 England: seller and purchaser would gather on the land in thepresence of witnesses and the purchaser would "seize" the land2. covenant of right to convey - promise made by the seller that he owns the landand has a right to transfer an interest by another in the land would bea breach of this covenant3. covenant against encumbrances - promise that the land isunencumbered: free of mortgages, liens, taxes4. covenant of further assurances - grantor promises that in the future if he findshe has less than a fee simple absolute which he intends to transfer, he will dowhatever is necessary to remove any conditions if he only has a conditional fee5. covenants of quiet enjoyment and warranty - warranty that the grantee will beable to quietly enjoy the land without fear of eviction or third party interferenceMike Brigner, J.D.
14 Limited Warranty Deed L Deeds - PAR 131Limited Warranty DeedLGrantor covenants only against the lawful claims of people claiming by, through or under the grantorR.C Limited warranty deedR.C Limited covenantsMike Brigner, J.D.
15 Covenants in Limited Warranty Deed By using deed words “with Limited Warranty Covenants”, Grantor gives:1. Covenant against encumbrances created by the grantor onlyIf grantor had put (for example) an easement on the land, grantor liableIf someone prior to the grantor had placed an easement on the property, grantor not liable
16 Deeds - PAR 131Fiduciary DeedFUsed when executor, administrator, trustee, guardian, or other fiduciary transfers real propertyR.C Fiduciary DeedR.C Fiduciary CovenantsMike Brigner, J.D.
17 Covenants in Fiduciary Deed By using deed words “with Fiduciary Covenants”, Grantor warrants:1. that the fiduciary was properly appointed2. that fiduciary has legal authority to sell the property3. that fiduciary has complied with all other legal aspects of sale4. that fiduciary has done nothing to encumber the land
18 Quitclaim deedQTransfers only the interest the grantor has in the land and not the land itselfNo covenants or warrantiesUsed as deed in lieu of foreclosureClears up dower problemsR.C Quitclaim Deed Form
19 Joint & Survivorship Deed Deeds - PAR 131Joint & Survivorship DeedJ&SGrantees acquire joint ownership of property with right of survivorshipIf one dies, decedent’s interest in property passes automatically to survivorNo deed required at death, butAffidavit as to death, & including legal description, must be filed at Recorder’sR.C Survivorship deed formMike Brigner, J.D.
20 Joint & Survivorship Deed Deeds - PAR 131Joint & Survivorship DeedJ&SRemember that “J&S” is just the way the Grantees choose to own the propertyJ&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, QMike Brigner, J.D.
21 Distinguish Warranties are what GRANTOR gives Form of ownership is what GRANTEE getsSo we can have:Gen. Warranty Deed that includes J&S rightsFiduciary Deed that includes J&S rightsORLtd. Warranty Deed to individualLtd. Warranty Deed to Tenants in Common
22 Preparation of an Ohio Deed Accuracy in all details!“Grantor”Grantor’s marital status REQUIREDIf name has changed since acquiring, state “fka” – further known asIf 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 toOr, if Quitclaim, intent to give no warrantiesAny 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 granteesIndividually (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, orLot number (Shortcut. Somewhere a metes & bounds description is recorded for every lot)Every lot number includes words & numbersPrior Instrument Reference – mandatoryThe Volume/Page or Microfiche # “of the Deed Records of Montgomery County, Ohio”This tells how grantor obtained ownership
26 Preparation of a DeedName of spouse, if waiving dower, with waiver languageExecution part of the deedExecuted this ___ day of __, 2008Each grantor’s signature, name typed beneathSpouse’s signature, if waiving dower rightsAcknowledgment – notary clauseNo witnesses now required in OhioThis deed prepared by (attorney or grantor)
27 Concluded Thank you Mike Brigner DeedsConcluded Thank youMike Brigner