Ohio Limited Warranty Deed from Individual to Corporation
Definition and meaning
The Ohio Limited Warranty Deed from Individual to Corporation is a legal document used to transfer ownership of real property, specifically from an individual (known as the Grantor) to a corporation (referred to as the Grantee). This deed includes limited warranty covenants, ensuring that the Grantor will defend the title against claims arising from their time of ownership, except for specific exceptions outlined in the document.
How to complete a form
To effectively complete the Ohio Limited Warranty Deed, follow these steps:
- Clearly identify both the Grantor and Grantee, including their legal names and statuses.
- Enter the legal description of the property, ensuring it is accurate and matches public records.
- Include any necessary exceptions or reservations related to the property, such as mineral rights.
- Provide the date of execution and have the document signed in the presence of a notary public.
Make sure all entries are legible and inked properly.
Who should use this form
This form is suitable for individuals who wish to transfer property ownership to a corporation, such as small business owners or real estate investors. It is important for those who are familiar with property transactions and understand the implications of limited warranty deeds.
Key components of the form
The Ohio Limited Warranty Deed includes several essential components:
- Identification of the Grantor and Grantee
- Legal description of the property
- Consideration for the transfer, typically a nominal amount such as ten dollars
- Limitations on warranties regarding property encumbrances
- Signatures of the Grantor and spouse, if applicable
- Notarization section for legal acknowledgment
Common mistakes to avoid when using this form
When completing the Ohio Limited Warranty Deed, users should avoid the following common mistakes:
- Leaving blank spaces in the forms, which can lead to ambiguity.
- Incorrectly defining the legal description of the property.
- Failing to notarize the document, which could invalidate the deed.
- Not including necessary signatures, such as that of a spouse if required.
What to expect during notarization or witnessing
During the notarization of the Ohio Limited Warranty Deed, the following steps typically occur:
- You will present a valid form of identification to the notary.
- All parties involved in the transaction will sign the document in the presence of the notary.
- The notary will then complete their section, adding their seal and signature to confirm the document's legitimacy.
- Ensure the notary's commission is valid and does not expire before the document is executed.
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FAQ
The Georgia limited warranty deed provides a method of transferring property from one person to another in Georgia. Rather than providing a full warranty on the transfer, it provides a limited warranty whereby the seller (or grantor) agrees to defend the buyer (or grantee) against any claims made through the seller.
While a general warranty deed guarantees against all encumbrances and claims to title, a limited warranty deed protects only against claims made after the seller obtained title to the property. A limited warranty deed therefore makes no guarantees about anything that occurred before the seller owned the property.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.