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Originally Posted by sunrise1955 I am not sure how this forum works, but your answers have not been of any help. I am hoping that someone will have the answer for the difference between Survivorship and Transfer on Death Deed. I also was wondering what a Quick Claim Deed is. Your response is to get a lawyer, do a will, is fine, but it is of no help and does not answer any of my questions. Perhaps someone else has that knowledge. As I am well aware that I can get a lawyer, draw up a will, and I have been told that Deeds can not be contested as easy as a Will. I just wanted to have a little knowledge myself. Thank you for trying to help |
I am not translating the following legal language because I think it's pretty clear - and straight off the Internet: (Does this answer your questions?)
What is Survivorship Tenancy?
Real estate may be owned by two or more persons in survivorship form so that upon the death of any one of them the title of the deceased person would pass to the survivor or survivors. Title may be transferred without court proceedings by filing an affidavit and death certificate with the County Auditor and Recorder.
1. What is Joint and Survivorship property?
Joint and survivorship property is property held by two or more persons jointly; each party has equal rights of possession and income. On the death of one joint tenant, his interest transfer to the benefit of the survivor or the survivors in equal shares, without court proceedings. One joint tenant can sever the joint tenancy by conveying his interest to a third party.
Joint and survivorship ownership may be useful in certain situations. However, court proceedings may be necessary to transfer clear title to the assets and to determine Ohio estate taxes. Tax consequences can be detrimental to the beneficiaries if joint and survivorship ownership is used imprudently.
A quitclaim deed is a term used in property law to describe a document by which a person (the "grantor") disclaims any interest the grantor may have in a piece of real property and passes that claim to another person (the grantee). A quitclaim deed neither warrants nor professes that the grantor's claim is actually valid. By comparison, a grant deed (or in some U.S. States, a warranty deed), which is normally used for real estate sales, contains certain warranties that vary from state to state. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, or to eliminate clouds on title, or in other special or unusual circumstances.
An example of a circumstance where a quitclaim may be used is where one spouse (grantor) is disclaiming any interest in property that the other spouse (grantee) owns. A quitclaim deed would typically be used in this circumstance.
TRANSFER ON DEATH DEED: A deed conveying any interest in real property, and in substance following the form set forth in this division, when duly executed in accordance with Chapter 5301. of the Revised Code and recorded in the office of the county recorder, creates a present interest as sole owner or as a tenant in common in the grantee and creates a transfer on death interest in the beneficiary or beneficiaries. Upon the death of the grantee, the deed vests the interest of the decedent in the beneficiary or beneficiaries.
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