This form is a Survivorship Deed where the Grantors are four individuals and the Grantees are four individuals. Grantors convey and generally warrant the described property to the Grantees. Grantees take the property with survivorship rights with the final fee to the survivor of them. This Deed is similar to the joint tenantcy with right of survivorship used in other jurisdictions. This deed complies with all state statutory laws.
A Franklin Ohio Survivorship Deed from Four Individuals to Four Individuals is a legal document used to transfer ownership of property from a group of four individuals to another group of four individuals, while ensuring that the ownership will pass to the surviving members upon the death of the original four owners. This type of deed provides a seamless transfer of property and avoids the need for probate. In the state of Ohio, there are several variations of Survivorship Deeds: 1. Joint Tenancy Survivorship Deed: Also known as TWOS (Joint Tenancy with Right of Survivorship), this type of deed ensures that each of the four individuals has an equal share of ownership. In the event of the death of one of the owners, their share automatically passes to the surviving three owners, thus maintaining equal ownership among the group. 2. Tenancy in Common Survivorship Deed: This type of deed also involves four individuals, but unlike Joint Tenancy, it allows each owner to have a specific percentage of ownership. If one of the owners passes away, their share does not automatically transfer to the surviving owners. Instead, it is distributed according to their will or intestacy laws. 3. Enhanced Life Estate Deed (also known as Lady Bird Deed): This type of deed allows the original four owners to retain a life estate in the property, meaning they can live in the property until their death. However, they can also sell, mortgage, or transfer the property during their lifetime without the consent of the other owners. Upon the death of the original four owners, the property transfers to the surviving four individuals without the need for probate. A Franklin Ohio Survivorship Deed from Four Individuals to Four Individuals provides a convenient way for a group of owners to establish and maintain joint ownership of a property while ensuring that ownership smoothly transfers to the remaining owners upon the death of the original four individuals. By utilizing the appropriate type of deed, such as Joint Tenancy, Tenancy in Common, or Enhanced Life Estate Deed, the property can be protected and easily passed on without the cumbersome and costly probate process.A Franklin Ohio Survivorship Deed from Four Individuals to Four Individuals is a legal document used to transfer ownership of property from a group of four individuals to another group of four individuals, while ensuring that the ownership will pass to the surviving members upon the death of the original four owners. This type of deed provides a seamless transfer of property and avoids the need for probate. In the state of Ohio, there are several variations of Survivorship Deeds: 1. Joint Tenancy Survivorship Deed: Also known as TWOS (Joint Tenancy with Right of Survivorship), this type of deed ensures that each of the four individuals has an equal share of ownership. In the event of the death of one of the owners, their share automatically passes to the surviving three owners, thus maintaining equal ownership among the group. 2. Tenancy in Common Survivorship Deed: This type of deed also involves four individuals, but unlike Joint Tenancy, it allows each owner to have a specific percentage of ownership. If one of the owners passes away, their share does not automatically transfer to the surviving owners. Instead, it is distributed according to their will or intestacy laws. 3. Enhanced Life Estate Deed (also known as Lady Bird Deed): This type of deed allows the original four owners to retain a life estate in the property, meaning they can live in the property until their death. However, they can also sell, mortgage, or transfer the property during their lifetime without the consent of the other owners. Upon the death of the original four owners, the property transfers to the surviving four individuals without the need for probate. A Franklin Ohio Survivorship Deed from Four Individuals to Four Individuals provides a convenient way for a group of owners to establish and maintain joint ownership of a property while ensuring that ownership smoothly transfers to the remaining owners upon the death of the original four individuals. By utilizing the appropriate type of deed, such as Joint Tenancy, Tenancy in Common, or Enhanced Life Estate Deed, the property can be protected and easily passed on without the cumbersome and costly probate process.
