This form is a Limited Warranty Deed where the grantors are two individuals and the grantee is a limited liability company.
A Franklin Ohio Limited Warranty Deed, also known as a deed conveying property from two individuals to a Limited Liability Company (LLC), is a legally binding document that transfers ownership rights from the granters (the two individuals) to the grantee (the LLC) for a property located in Franklin, Ohio. This type of deed guarantees certain assurances to the grantee regarding the property title's validity and any potential defects. The limited warranty deed provides certain specific guarantees to the grantee. These guarantees include: 1. Title Guarantee: The granters guarantee that they are the legal owners of the property and hold clear title to the premises. They assure that there are no undisclosed liens, encumbrances, or claims on the property that would affect the grantee's ownership rights or ability to use the property for its intended purpose. 2. Quiet Enjoyment: The granters promise that the grantee will have peaceful enjoyment of the property and will not face any legal claims or disputes regarding ownership or possession. 3. No Encumbrances: The granters warrant that the property is free from any restrictions, easements, or other encumbrances that could hinder the grantee's full use and enjoyment of the property. 4. Legal Authority: The granters assert that they have the legal authority to convey the property to the LLC and that they have not previously sold or transferred the property to anyone else. 5. Defense of Title: In case of any future legal claims challenging the grantee's ownership, the granters pledge to defend the title and bear any associated costs, including legal fees and damages, incurred by the grantee. Different variations of the Franklin Ohio Limited Warranty Deed from two Individuals to LLC may exist based on specific provisions, additional warranties, or unique circumstances of the property transfer. Some potential variations may include: 1. Franklin Ohio Limited Warranty Deed with Special Covenants: This type of deed may include additional covenants or warranties tailored to address specific concerns or conditions related to the property or the parties involved in the transaction. 2. Franklin Ohio Limited Warranty Deed with Right of Survivorship: In this variation, the deed may grant the surviving owner of the two individuals (commonly spouses or partners) the right of survivorship, meaning that upon the death of one owner, the property automatically transfers to the surviving owner without the need for probate. 3. Franklin Ohio Limited Warranty Deed with Exceptions: In certain cases, the deed may specify certain exceptions or limitations to the warranties that the granters provide, such as excluding certain encumbrances or other specific conditions that may affect the property. These variations aim to address the unique circumstances or requirements of the situation, ensuring that the transfer of ownership is legally sound and adequately protects the interests of both parties involved in the transaction.
