Ohio Partition Warranty Deed is a legal document used in the state of Ohio to transfer ownership rights of real estate property. It provides a warranty of title, ensuring that the property being transferred is free from any encumbrances or claims. The deed guarantees that the granter (seller) holds the full legal and equitable title to the property and has the right to sell it. Keywords: Ohio Partition Warranty Deed, real estate, ownership rights, transfer, warranty of title, encumbrances, claims, granter, legal title, equitable title, sell. Different Types of Ohio Partition Warranty Deed: 1. General Warranty Deed: This type of deed guarantees the title against any claims or encumbrances that may have arisen at any time in the past, even if they were not known to the granter or the buyer. 2. Special Warranty Deed: Unlike a general warranty deed, a special warranty deed only guarantees the title against claims or encumbrances that have arisen during the time the granter owned the property. It does not cover any issues from before the granter took ownership. 3. Limited Warranty Deed: This type of deed provides a limited warranty of title, guaranteeing that the granter has not created any encumbrances on the property during their ownership. However, it does not protect the buyer against claims or encumbrances that existed before the granter's ownership. 4. Quitclaim Deed: Although not technically a warranty deed, a quitclaim deed is commonly used in Ohio for property transfers. It transfers the granter's interest in a property to the buyer without any warranties or guarantees of title. It is often used in cases such as property transfers between family members or in divorce settlements, where title issues are not a concern. In summary, an Ohio Partition Warranty Deed is a legal document used to transfer ownership of real estate in Ohio, providing a warranty of title. Variations include general warranty, special warranty, limited warranty, and quitclaim deeds, each offering different levels of protection or lack thereof against claims and encumbrances.
Ohio Partition Warranty Deed
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Section 5307.25 for the first $5,000 of the value, as determined in the action, of the real estate, at the rate of 8 percent; all above the sum, and not exceeding $10,000, at the rate of 6 percent; all above that sum, and not exceeding $15,000, at the rate of 4 percent; and all above $15,000 at the rate of 2 percent, ...
Chapter 5307 | Partition Section 5307.01 | Persons compelled to partition. Tenants in common, survivorship tenants, and coparceners, of any estate in lands, tenements, or hereditaments within the state, may be compelled to make or suffer partition thereof as provided in sections 5307.01 to 5307.25 of the Revised Code.
A person entitled to partition of an estate may file his petition therefor in the court of common pleas, setting forth the nature of his title, a pertinent description of the lands, tenements, or hereditaments of which partition is demanded, and naming each tenant in common, coparcener, or other person interested ...
In such cases, the owners may have the right to file what is called a ?partition action?. In essence, a partition action asks a Court to intervene in the deadlock caused by co-owners who cannot agree on how to utilize or dispose of a piece of real property.
Under Ohio law, any person that is a co-tenant (co-owner) of real estate has partition rights. Essentially, partition rights allow a co-tenant to force the other owners to buy them out or force the land to be sold. Partition is a harsh, but arguably necessary, right of every co-tenant of real estate.
In case of mutual consent. Irrespective of whether the property is being divided amongst family members, business associates, friends, or others, a partition deed must be signed between the co-owners (co-owners can be more than two). The property is divided based on an investment, a will, or a mutual agreement.
An Ohio limited warranty deed form is a deed that conveys Ohio real estate with limited warranty of title. Warranty of title?which the Ohio statute calls covenants of warranty?is the current owner's guaranty to the new owner that the transferred real estate's title is free of undisclosed title defects.