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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.
What are quitclaim deeds most often for?
A quitclaim deed is best suited for the following situations. Transferring Property Between Family Members. Adding A Spouses Name To A Deed. Transferring Property Between Spouses During A Divorce. Removing A Name From Your Mortgage And Deed. Transferring Property Interest To A Business Partner. Fixing Title Errors.
Why would someone use a quitclaim deed?
Its most commonly used in non-sale situations, such as transfers between family members, or to update or clarify ownership titles. However, because it offers no warranties or guarantees, it carries risk for the grantee. Quitclaim deeds should be used cautiously and under appropriate circumstances.
Who benefits the most from a quitclaim deed?
The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
What is the usual reason for using a quitclaim deed?
If there are any restrictions on the land, these must be included in the quitclaim deed, such as an easement that would allow neighbors to cross over the property to access a waterfront. Unlike many states, however, Ohio business law does not require a quitclaim deed to be notarized.
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Ultimately, the main problem with quitclaim deeds is their lack of any guaranty on the part of the person transferring their ownership interest in the property. With a quitclaim deed, the grantor only states that they are transferring any interest they may have in the propertywhatever that interest may be.
Related links
Chapter 5302 - Ohio Revised Code
Section 5302.11 | Quit-claim deed form. Effective: February 1, 2002. Latest Legislation: House Bill 470 - 124th General Assembly. PDF: Download Authenticated
Different Deeds Mean Different Things | Farm Office
Sep 28, 2023 In this article, we will explore four common types of deeds in Ohio: General Warranty Deed, Limited Warranty Deed, Quitclaim Deed, and Fiduciary Deed.
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