When real estate is purchased, the seller of the land will usually provide the buyer a deed to the property at closing. A deed transfers the seller’s interest in the land to the buyer and ensures that there is good title to the real estate along with all covenants and warranties. There are four main types of deeds that are typically seen in an Ohio real estate closing, each with their own levels of protection for the buyer. At Kryszak & Associates, our knowledgeable real estate attorneys are here to assist with any legal questions that may arise in a property transaction, including those involving real estate deeds. To learn more, call or contact our office today.
General Warranty Deed
A general warranty deed is the most common deed and provides the greatest amount of legal protection for a buyer. It conveys the seller’s rights, title, and interests in the property to the buyer. It also guarantees good title on the land, specifically that the seller has title and owns the property, has power and authority to convey, the property is not encumbered, the seller’s possession and quiet enjoyment will not be disturbed by a claim of superior title, and that the seller will defend against all claims regarding the title that exist as of the date of the conveyance.
Limited Warranty Deed
A limited warranty deed for real estate provides less protection for the buyer than a general warranty deed. Under a limited warranty deed, the seller of the land warrants that they have done nothing to create a defect or dilution in title. However, they do not guarantee good title backwards through the chain of title prior to the current seller of the real estate.
A fiduciary deed is used when real estate is transferred by a fiduciary, or person placed in a position of legal trust. Fiduciary deeds are used by executors, administrators, receivers, trustees, commissioners, and guardians. This type of deed only warrants that the fiduciary is duly appointed and acting within their authority to transfer property. However, it does not provide any guarantees or protection on the chain of title of the land.
A quitclaim deed is used most often when the buyer is more concerned about the transaction going through than the warranties on the title of the property. A quitclaim deed transfers whatever title the seller actually possesses, regardless of whether it is total, partial, or nonexistent, and provides no warranties or guarantees on the title. This type of deed occurs most often in divorce cases, during probate, or when transferring property as a gift. To learn more, talk to a real estate attorney today.
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Do you have questions about the deed to real estate in Ohio? If so, call the office or contact us today at Kryszak & Associates to schedule a consultation of your case with one of our experienced real estate attorneys now.