In Ohio, as in many states, there are a few different deeds that transfer property ownership. Warranty deeds are frequently used to sell property, while quitclaim deeds solve problems with title. Specialty deeds such as survivorship and sheriff's deeds also transfer title, and Ohio uses mortgage deeds to provide security for home loans.
With a warranty deed, the owner of a piece of property transfers all of his ownership rights, subject to any limitations that he lists on the deed, to the person he delivers the signed deed to. In addition to transferring the property, the owner also makes a promise that he actually has the title to the property to be able to transfer it. This promise, or warranty, is what makes it a warranty deed.
Quitclaim deeds work like warranty deeds in that they transfer the ownership of property, but that's all they do. When a seller or transferor signs a quitclaim deed, he gives up whatever rights he might have in the property, but also doesn't promise that he has any. For this reason, quitclaim deeds are frequently used to remove someone from title, and they're legally valid. In Ohio, they're frequently used when property is being gifted.
Ohio uses other deeds to transfer ownership as well. A survivorship deed is like a grant or quitclaim deed, but is used when multiple unmarried people take ownership together. Under a survivorship deed, when owners die their rights pass to the other owners of the property without having to go through probate. Executor's deeds are used to transfer properties from the estate of a person that passes away to the heirs, and Sheriff's deeds are used when a property is sold through a foreclosure.
While a mortgage doesn't directly transfer property, it does give property rights to its holder. Typically, when someone takes out a home loan in Ohio, they will guarantee their performance by giving their lender a mortgage deed. The mortgage actually puts the lender on the title with limitations. If the borrower makes his payments, the lender can't do anything with the mortgage. If the borrower doesn't make the payments, the lender can use the mortgage to foreclose and take over ownership of the property.
- Land Title Group LLC: Types of Deeds
- Ohio Revised Code: 5302.12 General Mortgage Form
- Ohio Revised Code: 5302.05 General Warranty Deed Form
- Ohio Revised Code: 5302.11 Quit-Claim Deed Form
- Ohio State Bar Association: Quitclaim Deed Transfers Property Without Ownership Guarantee
- Ohio Revised Code: 5302.17 Survivorship Deed Form
Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. His work has appeared in trade publications such as the "Minnesota Real Estate Journal" and "Minnesota Multi-Housing Association Advocate." Lander holds a Bachelor of Arts in political science from Columbia University.