Quitclaim Deeds in Ohio
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What is a Quitclaim Deed?
A quitclaim deed is a legal document that transfers any and all interest that the grantor (seller) has in a piece of real estate to the grantee (buyer). This means that the grantor is giving up any claim to the property, regardless of whether they have good title or not. A quitclaim deed does not provide any warranties or guarantees about the property, so the buyer is taking on all the risk.
You’ve heard the old story about a scammer selling the Brooklyn Bridge? If they sold it by a quitclaim and you bought it, they would not have broken the law. That’s why a quitclaim deed can be a dangerous thing for you to buy if you do not know the seller.
In Ohio, a quitclaim deed must be in writing and signed by the grantor in front of a notary public. It must also be recorded with the county recorder in the county where the property is located.
Why Would Someone Use a Quitclaim Deed?
There are a few reasons why someone might use a quitclaim deed. One reason is to clear up any clouded title on a property. A clouded title is a title that has some kind of defect, such as a lien or a mortgage. A quitclaim deed can be used to remove a clouded title, but it does not guarantee that the title will be clear in the future. It can also be used to add on a spouse to a deed, or to combine two parcels of land together.
Quitclaim deeds should be used with caution. Because they do not provide any warranties, the buyer could end up with a property that has problems. Buyers should always have a title search done before they buy a property, regardless of whether the seller is using a quitclaim deed or a warranty deed.
A warranty deed is a different type of deed that offers much more protection to the buyer. A warranty deed is a promise by the seller that they have good title to the property and that they are free to sell it. The seller also promises to defend the buyer against any claims to the property by third parties.
A warranty deed is NOT a warranty on the roof, the furnace, the air conditioning, the basement, or anything else about the house. The warranty is only a warranty that the person selling it has the right to sell it with clear title.
If you are considering buying or selling real estate, it is important to speak with an attorney to discuss the different types of deeds and which one is right for you. Most of the time, our office finds that a quitclaim deed is not the correct way to accomplish what a client wants. Please contact an experienced real estate law firm like Linn Legal today to discuss your goals. All of our real estate clients receive upfront price quotes, so that you can make a decision without the surprise of a legal bill later.
