An Ohio quitclaim deed allows property transfer without title guarantees or claims against it, often used among related individuals, like in a divorce, preventing future disputes. Learn more about creating a valid Ohio quitclaim deed.
Laws & Requirements
Statute Ohio Revised Code Chapters 5301 and 5302: A statutory form for a quitclaim deed is provided in § 5302.11.
Signing Requirements § 5301.01(A): The grantor’s signature is crucial for a valid quitclaim deed. In Ohio, notarization is required, but witnesses are not.
Recording Requirements § 5301.25: Quitclaim deeds must be recorded with the County Recorder where the property is situated. A recording fee, including a state fund portion, is required.
Transfer Tax: Yes
Additional Documents § 319.54(G)(3): To demonstrate fee payment or exceptions, present either Form DTE 100 or Form DTE 100(EX) to the County Auditor’s office before recording the deed.
How to File
- Gather Necessary Documents: This includes the property title, quitclaim deed template, and possibly Form DTE 100 or Form DTE 100(EX). Check for additional county transfer taxes.
- Complete the Quitclaim Deed: Fill out the deed accurately using a template. Do not sign until in front of a notary.
- Notarization: The grantor must sign the deed in a notary’s presence to have it notarized, as required by Ohio law.
- Record the Deed: Submit and record the quitclaim deed at the County Recorder’s Office where the property is located, paying a fee starting at $34 for one page, plus $8 for additional pages.
Costs and Fees
Here’s an overview of filing fees, taxes, and conveyance fees related to property transfers in Ohio:
- Filing Fees: Ohio charges $34 for the first page and $8 for each additional page.
- Taxes: Both grantor and grantee may face tax implications. Consulting a tax professional is advised to understand obligations.
- Property Conveyance Fees: Ohio charges $1 per $1000 of property value, with counties able to add up to $3 per $1000. Research local fees in the property’s county.
- Conveyance Fee Responsibility: Typically, the grantor pays the conveyance fee.
- Conveyance Fee Exemptions: Includes transfers involving government entities, family gifts, survivorship transfers, and other specified situations. Consulting a tax professional for eligibility is recommended.
- US Gift Tax: Applies to significant monetary gifts, including real estate. Federal gift tax requirements apply, as Ohio does not have its own gift tax.
- Capital Gains Tax: Taxes the profit from real estate sales. Ohio has its own capital gains tax, in addition to federal taxes. Exemptions may apply for primary residences under certain conditions.
Frequently Asked Questions
What Are the Risks of Using a Quitclaim Deed in Ohio?
Using a Quitclaim Deed in Ohio comes with risks primarily because it offers no warranties about the title’s quality. The grantee receives only the interest the grantor has, if any, which means any existing liens, claims, or encumbrances on the property transfer along with the deed.
The grantee has no recourse against the grantor if problems with the title arise later. It’s advisable to conduct a thorough title search before accepting a quitclaim deed to understand any potential issues with the property’s title.
Is a Lawyer Required for a Quitclaim Deed in Ohio?
Hiring a lawyer is not legally required to create or file a Quitclaim Deed. However, consulting with a legal professional is highly recommended, especially in complicated situations.
A lawyer can provide valuable advice on the implications of transferring property, ensure the deed meets all legal requirements, and help navigate any potential risks associated with the property’s title.
How Does a Quitclaim Deed Affect Mortgage in Ohio?
In Ohio, a Quitclaim Deed transfers only the ownership interest of the property and does not affect the mortgage on the property. If the grantor has a mortgage, they remain responsible for it after the transfer.
If the intent is to transfer both the property and the responsibility for the mortgage to the grantee, this requires the lender’s approval, typically through a process known as mortgage assumption. It’s important to communicate with the mortgage lender to understand the options and requirements.
Can a Quitclaim Deed Be Used to Transfer Property to a Family Member in Ohio?
Yes, a Quitclaim Deed is commonly used in Ohio to transfer property between family members. This method is often chosen for its simplicity and because it does not involve the warranties typically associated with a Warranty Deed.
When transferring property to a family member, it’s essential to consider the potential tax implications and ensure that the transfer complies with local laws and regulations.
