The Ohio Subordination of Vendor's Lien Retained by Granter in Warranty Deed is a legal document used in real estate transactions to address the priority of liens on a property. It is important to understand the concept of a vendor's lien and how it can affect the transfer of ownership. In Ohio, when a property is sold, the seller (granter) may retain a lien on the property to secure payment of the purchase price. This lien is called a vendor's lien. However, there may be situations where the granter wishes to subordinate or lower the priority of this lien to another lien on the property, such as a mortgage or a loan. The Subordination of Vendor's Lien Retained by Granter in Warranty Deed allows the granter to voluntarily give up their priority position, allowing the other lien to take precedence. This is done through a written agreement that is recorded with the county recorder's office. There are two main types of Ohio Subordination of Vendor's Lien Retained by Granter in Warranty Deed: 1. General Subordination: This type of subordination applies to all liens on the property, including both existing and future liens. It is a broad and comprehensive form of subordination that affects all parties involved in the real estate transaction. 2. Specific Subordination: This type of subordination only applies to a specific lien or group of liens on the property. It is more tailored and limited in scope compared to general subordination. The specific liens to be subordinated must be clearly identified in the document. When drafting the Ohio Subordination of Vendor's Lien Retained by Granter in Warranty Deed, it is essential to include the necessary details such as the names of all parties involved, the legal description of the property, the amount of the vendor's lien, and the lien(s) the vendor's lien will be subordinate to. Additionally, it is important to ensure the document complies with Ohio's real estate laws and regulations. In conclusion, the Ohio Subordination of Vendor's Lien Retained by Granter in Warranty Deed is a legal mechanism that allows the granter to lower the priority of their vendor's lien to accommodate other liens on the property. Whether opting for a general or specific subordination, it is crucial to have a comprehensive and accurate document to protect the interests of all parties involved in the real estate transaction.
Ohio Subordination of Vendor's Lien Retained by Grantor in Warranty Deed
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A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
Instructions for filling out deeds Read the entire form carefully. ... Enter all the names of the current owners of the property as the grantors on the deed. Enter all the names of the persons you want to be owners of the property as the grantees. ... Attach the legal description of the property from the prior deed.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.
An attorney licensed to practice law in Ohio must prepare deeds, powers of attorney, and other instruments that are to be recorded. One exception is that a party to the transaction may prepare an instrument in which they are a party.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
1. An Ohio general warranty deed is a deed form under which the real estate's current owner?the grantor?transfers real estate to a new owner?the grantee?with complete warranty of title. 2. Warranty of title is a guaranty that the current owner owns the property free of any undisclosed title defects.
An Ohio limited warranty deed form conveys Ohio real estate with a less thorough warranty than a general warranty deed. Where a general warranty deed places the risk of title defects on the current owner, a limited warranty deed divides the risk between the current and new owners.
A warranty deed with vendor's lien is one way to show a debt for the purchase of a property. If the debt goes unpaid, the recourse action for the original owner is easily proven in court. For this lien to be removed, the buyer has to pay off the lien.