Here you will find useful general information that will help start and guide you through the closing process. Should you have additional questions, our knowledgeable friendly staff will be more than happy to assist you.
- A Real Estate Deed is the document that physically transfers the property from the Grantor (Seller) to the Grantee (Buyer). We have provided some additional details on types of Real Estate Deeds. If needed seek legal counsel to determine what type of Real Estate Deed you should have to hold Title.
- You may also want a Transfer on Death Designation Affidavit depending on your marital status which avoids Probate and transfers the property directly to the Beneficiaries upon proper recordation of a certified death certificate.
- We have the capability to start your order easily online 24/7/365, so let’s get started! Please complete Our Order Entry Form or Contact Us by phone and our staff will get back with you to confirm your Order Number.
- Do you need Tax & Legal, a Property Profile Report, a Comparable or Labels? Please complete our Tax & Legal Order Form.
- Commercial Transactions have their own complexities and intricacies. Please contact Deb Furry or Dave Furry to discuss this further.
Real Estate Deeds – State of Ohio
General Warranty Deed
This is the most frequently used deed in Ohio. It is the conveyance of real estate by Grantor in fee simple to Grantee, its heirs, assignees or successors. Grantor warrants and defends the Grantee, his/her heirs, assignees/successors against the lawful claims and/or demands of others. Conveyance to more than one creates a “tenancy-in-common” relationship amongst which means that each owner owns an undivided interest in the property (unless specifically stated in the deed.)
Seller’s warranties are desirable, but title insurance protects Buyer and Seller as it may reduce actual exposure from chain of title defects if they arise.
Limited Warranty Deed
Grantor/Seller ONLY warrants title to Grantee/Buyer during the time period that it held title. Grantor/Seller is NOT responsible for matters previous to Grantors acquisition. The type of deed is commonly used in commercial transactions between corporations and/or other business entities. Title insurance will further protect Grantor/Grantee during not only during Grantors ownership interest but prior to.
Joint & Survivorship Deed
Frequently used when two or more individuals are Buyers.
Upon death of one of the owners, their interest is not considered an asset of the estate and title transfers to the survivor(s) upon recordation of a certified death certificate, thus avoiding probate. Survivorship language can be combined with any other type of deed be it Warranty Fiduciary, Quit Claim, etc.)
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 in their respective capacity.
Quit Claim Deed
Conveyance of real estate in fee simple of whatever interest the Grantee owns.
Grantee assumes real estate “as is” and no warranties are expressed nor implied.
If more than one Grantee is on the deed that is conveyed, a “tenancy
Transfer on Death Designation Affidavit
The Title to Real Property is NOT changed. This is executed and recorded to put on record that the beneficiaries will be upon death of the owner. It may contain contingent beneficiaries. In order to be effective, must be recorded PRIOR to the death of the owner. Beneficiaries can be changed/added/deleted without their authorization.
Tax Rates & Tables
I know my principal and interest payment with insurance but the County has the valuation of the property that I am purchasing grossly undervalued compared to the sales price. The easiest way to compute the tax figure is using Tax as a Percentage of Market for your respective municipality. It should be noted that it could take upwards of three + years for the County to fully reflect the sales price based on the triennial review.
Voted Tax Rate
The total rate approved by the voters in your taxing district for support of your school district, library, municipality, vocational school, community college, metro park system and/or county wide services. This rate also includes 10 mills of un-voted taxes guaranteed by the Ohio Constitution.
Effective Tax Rate
Your tax after the tax reduction is applied. You are protected from un-voted increases in taxes by Ohio legislation known as House Bill 920, Passed in 1976, HB 920 reduces your payment as property values in your district increase during triennial reappraisals and updates.
Tax as a Percentage of Market
A simple percentage used to estimate total property taxes for a property. Multiply the market value of the property by the percentage listed for your taxing municipality.