Columbus Ohio Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants

State:
Ohio
City:
Columbus
Control #:
OH-SDEED-5
Format:
Word; 
Rich Text
Instant download

Description

This form is a Warranty Deed where a wife transfers property to herself and her husband.

A Columbus Ohio Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants is a legal document used to transfer ownership of separate property owned by one spouse to both spouses as joint tenants. This type of deed ensures that both spouses have equal ownership rights and interests in the property. The phrase "Columbus Ohio" in the description refers to the specific jurisdiction under which this type of deed operates, indicating that it is applicable under the laws and regulations of Columbus, Ohio. A "warranty deed" is a type of deed that guarantees that the property being transferred is free and clear of any encumbrances or claims, and the granter (the spouse transferring the property) promises to defend the title against any future claims or challenges. "Separate property" refers to assets or property owned by one spouse prior to the marriage or acquired during the marriage through inheritance or gift, which is legally considered to be owned solely by that spouse. "Joint tenants" refers to a form of property ownership where two or more individuals (in this case, both spouses) have an undivided interest in the property. This means that if one spouse passes away, their share of the property automatically transfers to the surviving spouse without going through probate. Different types of Columbus Ohio Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants may include variations in terms or conditions, such as the inclusion of specific covenants, restrictions, or additional provisions based on the unique circumstances or requirements of the transfer. Specific names for different types of deeds with similar purposes can vary based on individual preferences or specific legal requirements, but the general concept remains the same. Overall, a Columbus Ohio Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants is a legal instrument used to transfer ownership of separate property to both spouses equally in a joint tenancy structure, entitling them to equal property rights and survivorship benefits.

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FAQ

Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts or other valuable property together.

Tenancy by entirety (TBE) is a way for married couples to hold equal interest in a property as well as survivorship rights, which keep their property out of probate. It's not 50/50 ownership. With TBE, each spouse owns 100% of the property.

In Ohio, each owner, called a joint tenant, must own an equal share. Tenancy by the entirety. This form of joint ownership is like joint tenancy, but it is allowed only for married couples in Ohio.

Much like in a joint tenancy, spouses who own property as tenants by the entirety each own an undivided interest in the property, each has full rights to occupy and use it and has a right of survivorship.

(A) Except as provided in section 5302.21 of the Revised Code, if any interest in real property is conveyed or devised to two or more persons for their joint lives and then to the survivor or survivors of them, those persons hold title as survivorship tenants, and the joint interest created is a survivorship tenancy.

Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.

If you own a home with your spouse, you want to ensure your interest in the property is protected. That's why some married couples choose tenancy by the entirety ? an ownership structure that provides both spouses with an equal right to the property.

A survivorship deed is a deed conveying title to real estate into the names of two or more persons as joint tenants with rights of survivorship. Upon the death of one owner, the property passes to and vests in the name of the surviving owner or owners.

In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a ?Tenancy-in-Common? or as ?Community Property?.

One big disadvantage to tenancy by the entirety, from an estate planning perspective, is it guaranties a probate following the death of the second spouse to die. Avoiding probate requires the formation of a trust and transfer of the property to the trust.

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Columbus Ohio Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants